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Corn traded from 1 1/4 lower to 1/4 higher on Friday. For July contract that resulted in a wk/wk loss of one cent. In the weekly Commitment of Traders report, CFTC showed that managed money funds were 297,312 contracts net short for corn on June 9. Wk/wk their net short expanded by 15,046 contracts on 19.8k higher OI. The report noted the net commercial position was the largest net long since April 2019. That came via closing 10,275 elevator shorts on the week. USDA old crop stocks were raised only 5 million bushels yesterday from May to 2.103 bbu. For new crop, there were no demand revisions, so the 5 mbu were added to ending stocks. Ending stocks were shown at 3.323 bbu. Globally, USDA the increased global corn production 1.62 MMT. However, USDA reduced carry in to 2020/21, by 1.82 MMT to 312.91, and increased domestic use and exports. On net USDA foresees 2020/21 corn ending stocks at 337.87 MMT, which is down 1.75 from May. | |
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We are in a weather market starting today.
