Corn Starts Monday Lower Despite Gains in Wheat
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Coming out of the weekend, corn futures are ¾ to 3 ¼ cents lower, with the market beginning to build carry. Corn futures were down 7 1/2 to 11 1/4 cents on Friday. December contracts were 3 up days vs. 2 lower last week, a range of 28 1/2 cents, but had only a net 2 1/4 cent gain from Friday to Friday. Dec corn futures lost 44 cents for the month, though much of that move (38 ¼ cents) was on July 6. 

CFTC’s weekly data release showed managed money firms had extended their net long by 4,707 contracts through the week that ended 7/27. The short covering left the group 228,009 contracts net long. Commercials also took a risk off approach during the week, closing 51,450 contracts (3% of the group’s OI) for a 9,054 contract lighter net short as of Tuesday. 

The Buenos Aires Grains Exchange reported Argentina’s corn harvest at 81.4% complete as of 7/29. That was outpacing the average which was to be 72.2% harvested at this time.

Traders expect USDA to show a 1-2% drop in the combined good/excellent crop condition ratings tonight, a typical weekly decline for late July. They were 64% good/ex last week. 

Sep 21 Corn  closed at $5.47, down 11 cents; down 4 ¼ this morning

Nearby Cash  was $6.21 1/3 on Friday, down 10 3/4 cents,

Dec 21 Corn  closed at $5.45 1/4, down 11 1/4 cent; down 2 this morning,

Mar 22 Corn  closed at $5.53 1/4, down 11 cents; down 2 1/4 this morning,

New Crop Cash  was $5.23 4/9 on Friday, down 11 1/8 cents,




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