Going into the weekend, corn futures ended the Friday session 2 1/2 to 3 1/2 cents lower. Sept futures were down the most, and ended the week 2.6% lower. The 5-day QPF shows rain through the weekend into early next week in MO and in MN. In MO a system is forecasted to bring up to 1.5” accumulated across the state, and along the MN/WI border NOAA forecasts up to 3” accumulated. From CFTC’s weekly update, managed money was 179,820 contracts net short on August 4. That was 29,540 contracts more net short wk/wk with an 11% increase to OI. China sold 3.992 MMT of corn from state reserves this week, and the average selling price was 2,005 yuan/MT (~ $7.31/bu).
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Sep 20 Corn closed at $3.07 3/4, down 3 1/2 cents,
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Dec 20 Corn closed at $3.20 3/4, down 3 cents,
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Mar 21 Corn closed at $3.32 3/4, down 2 3/4 cents,
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May 21 Corn closed at $3.41 1/4, down 2 1/2 cents,
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--- provided by Brugler Marketing & Management
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