Corn Prices Grind Lower into Weekend

Alan Brugler Barchart Fri Aug 9, 5:43PM CDT
Ear of corn - by Couleur via Pixabay__480x320

Corn futures settled 2 to 2 ½ cents lower on Friday. Position squaring ahead of Monday’s USDA reports was a major feature, with trade estimates showing most analysts expecting to see an increase to US average yield.

The CFTC Commitment of Traders report this afternoon showed commercial (PMPU) traders had finally returned to a net short position of 38,605 contracts as of August 6. The managed money spec funds trimmed their net short position by 52,551 contracts in the reporting week, leaving them net short 242,545 contracts. 

Estimates ahead of next Monday’s WASDE report show old crop corn stocks expected to be unchanged at 1.877 bbu. New crop estimates are calling for a minimal change, with the average at 2.096 bbu, up 1 mbu from July, though the range is wide at 1.897 bbu to 2.285 bbu.

Sep 24 Corn  closed at $3.76 3/4, down 2 1/2 cents,

Nearby Cash  was $3.64 1/2, down 3 cents,

Dec 24 Corn  closed at $3.95, down 2 cents,

Mar 25 Corn  closed at $4.12 1/2, down 2 cents,

New Crop Cash  was $3.57 1/4, down 2 1/2 cents,


On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.