Corn prices are getting some spillover pressure from the stock market collapse on Monday morning, with contracts down 6 to 7 cents. Futures faded most of the losses from early last week as contracts closed with 4 to 6 cent gains across most contracts on Friday. A weaker dollar and possible short covering added support.
Friday’s CFTC release from USDA showed spec funds cutting back on their large net short position in corn futures and options by 23,453 contracts as of July 30. They held a net short of 295,096 contracts on Tuesday.
StoneX expects the US corn crop to average 182.3 bpa this year, with a crop size a 15.207 bbu. They project IA and IL yield at 210 bpa, with IN at 205 and NE printing a 193 yield.
Sep 24 Corn closed at $3.86 1/2, up 4 1/2 cents, currently down 7 cents
Nearby Cash was $3.76, up 3 3/4 cents,
Dec 24 Corn closed at $4.03 1/4, up 4 3/4 cents, currently down 6 1/2 cents
Mar 25 Corn closed at $4.20 3/4, up 5 1/2 cents, currently down 6 1/2 cents
New Crop Cash was $3.67 1/4, up 5 cents,
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