Corn Goes into Weekend Higher

At Friday’s closing bell corn futures were 2 3/4 to 4 cents higher. On the week, Dec corn rallied 2.71% on a dime advance. Chinese importers booked another 210,000 MT of U.S. corn for 2020/21 delivery, announced via the daily reporting system. The US national average cash corn price is at a 6 month high. The CFTC weekly data release showed corn spec traders were 25,062 contracts more net long than the previous week, at 58,556 contracts on September 15. That came via short covering and new buying. Managed money OI was down 5,608 contracts. Commercial OI was up 61,858 contracts on the week, as the net short grew 22,952 contracts.

Dec 20 Corn closed at $3.78 1/2, up 3 1/4 cents,

Mar 21 Corn closed at $3.87 1/2, up 3 1/2 cents,

May 21 Corn closed at $3.92 3/4, up 4 cents,

Jul 21 Corn closed at $3.95 1/2, up 3 3/4 cents,

--- provided by Brugler Marketing & Management

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