Corn futures are trading 16 cents lower this morning after posting double digit gains on Friday and seeing some long liquidation on Sunday night because of “less than expected” rains in portions of the western Corn Belt. The nearby July contract hit $6.74 on Friday, the higher price since March 28. It did not, however, close the chart gap, which extends to $6.76. There will be significant interest in the USDA Crop Progress report this afternoon, since areas with further planting delays will be assumed to be losing either acreage or yield potential. The CFTC commitment of traders report showed managed money accounts decreased their net long position in corn by 7,432 contracts in the reporting week ending June 4. A Bloomberg survey of 28 analysts puts US corn production at 13.820 billion. That is down from USDA’s 14.14 billion in May.
Posted on: Mon, 10 Jun 2013 14:42:41 +0000
Trending Topics
Recently Viewed Topics
© 2015