Corn Closes Mixed on Friday on Position Squaring

Corn futures ended the Friday session with front months fractionally lower with deferred contracts firm. September was up 2.69% this week. Traders were working to square up positions prior to Monday’s UDSA reports. Friday afternoon’s Commitment of Traders report indicated spec funds holding a net long position of 79,507 contracts in corn futures and options. They trimmed that net position by 32,445 contracts as of Tuesday. After the close, the EPA announced they granted small refinery exemptions to 31 of the 38 refineries that applies. As of August 1, US total corn export commitments are just 94% of the USDA projected total, with the 5-year average at 104%. Ahead of Monday’s USDA report, analysts are looking for old crop world ending corn stocks to be up ~1.09 MMT to 329.84 MMT. New crop estimates are running 290.09 MMT, which would be an 8.93 MMT drop from the July report.

SEP 19 Corn closed at $4.10 1/4, down 3/4 cent,

DEC 19 Corn closed at $4.17 3/4, down 1/2 cent,

MAR 20 Corn closed at $4.28 1/4, down 1/4 cent

MAY 20 Corn closed at $4.34, up 1/2 cent

--provided by Brugler Marketing & Management

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