Corn
Corn futures are trading 1 to 1 cents lower to start the week, following last weeks’ rollercoaster ride. On Friday, they gained 4 to 6 3/4 cents on profit taking after a nasty sell off. Sep corn lost 4.14% for the week. According to trade reports, Planalytics now projects the US corn yield at 165.3 bpa, down 1.3 bpa from their previous estimate. On the other hand, forecasts show northern IA and southern MN getting 2-3 inches of rain this week. Friday’s CTFC data shows managed money making a huge shift of 147,679 contracts for the week ending July 11. Their position switched from net short to a net long position of 100,964 contracts in corn futures and options trading. They likely exited a chunk of those positions on Thursday. China sold an additional 2.6 MMT of 2014 corn in an auction of state reserves that had 2.99 MMT of corn offered on Friday.



Market Commentary provided by:

Brugler Marketing & Management LLC
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Phone: 402-697-3623
Fax: 402-289-2353
E-mail: alanb@bruglermktg.com
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