Corn Up 3.73% This Week

Corn futures closed firm to 1 3/4 cents higher in most contracts, as Dec was up 3.73% on the week. The 8-14 day outlook shows above normal temps for most of the contiguous US into the last half of September. Friday’s Commitment of Traders report showed money managers in corn futures and options increasing their net short position by 17,028 contracts to -136,399 contracts as of Tuesday. On Thursday, USDA added 85 mbu to the 18/19 ending stocks projection by cutting ethanol demand by 50 mbu and exports by 40 mbu. At 2.445 billion bushels, that is the largest since 1987/88 and the old Reserve days. We will get the final carryout number at the end of the month via the Quarterly Grain Stocks report. For new crop, they reduced projected ethanol demand by another 25 mbu.

SEP 19 Corn closed at $3.55 1/2, up 1 cent,

DEC 19 Corn closed at $3.68 3/4, up 1 1/2 cents,

MAR 20 Corn closed at $3.81 1/2, up 1 3/4 cents

MAY 20 Corn closed at $3.90 1/2, up 1 1/2 cents

-- provided by Brugler Marketing & Management




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