Corn Easing Lower on Tuesday Morning
Corn price action is down 2 to 3 ½ cents so far on Tuesday. Futures rallied into the Labor Day weekend with contracts up 10 to 12 ½ cents as some money flow gave the bulls a boost to end the month. December closed the week 8 /4 cents higher, helped by the Friday move. Preliminary open interest showed a rotation of ownership, up 851 contracts on Friday. The CmdtyView national average Cash Corn price was up 17 1/4 cents at $3.84.
Commitment of Traders data showed spec traders in corn futures and options cutting their large net short position by 33,964 contracts to 110,686 contracts as of Tuesday. Much of that came via short covering, with the number of shorts down 21,103 contracts. Commercials increased their net short position by 29,494 contracts to 87,239 contracts as of August 26th.
AgRural estimates the first crop corn at 7% planted in the center south region of Brazil as of last Thursday.
Sep 25 Corn closed at $3.98, up 12 1/2 cents, currently down 3 cents
Nearby Cash was $3.84, up 17 3/4 cents,
Dec 25 Corn closed at $4.20 1/4, up 10 1/4 cents, currently down 3 1/2 cents
Mar 26 Corn closed at $4.37 3/4, up 10 1/4 cents, currently down 2 1/2 cents
New Crop Cash was $3.79 1/8, up 15 cents,
On the date of publication, Austin Schroeder 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.