Corn Finds Buyers Close Friday Steady

Corn futures were weak early on, but pulled more than 8 cents off the lows in the front months to close fractionally mixed. Some deferreds were down as much as 1 ¼. September was still up 19 ½ cents on the week, with December 20 cents higher. The CmdtyView national average Cash Corn price was up 1/4 cent at $4.34.

As we look to round out July, the NOAA 7-day QPF shows less than 0.5 inches across much of the Corn Belt in the next week. Much of OH is the exception, with spotty totals up to an inch in WI and MN.

CFTC data released on Friday afternoon showed managed money adding to their net long in corn futures and options in the week of July 21, adding 49,518 contracts, mainly on more short covering. The net long was at 92,909 contracts as of Tuesday.

Export Sales data released on Thursday showed total corn commitments now at 86.613 MMT, which is 103% of the USDA export projection and ahead of the 101% from the last 3 years. Sales for new crop are now accumulated at 7.56 MMT, which is 12.5% ahead of the same period last year. 

Sep 26 Corn  closed at $4.64 1/4, up 1/4 cent,

Nearby Cash  was $4.34 1/1, up 1/4 cent,

Dec 26 Corn  closed at $4.87 1/2, unch,

Mar 27 Corn  closed at $5.03, unch,

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