Corn Market Fractionally Mixed, Digesting Gains
BRUG - Mon Sep 16, 7:30AM CDT

Corn futures are fractionally mixed to begin the week. They closed firm to 1 3/4 cents higher on Friday, with now front month December up 3.73% on the week. The buying was short covering, with preliminary open interest down 3,882 contracts. The 8-14 day outlook shows above normal temps for most of the contiguous US into the end 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 unsold inventory 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.

-- provided by Brugler Marketing & Management




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