Corn Market Higher As Producers Focus on Soy Harvest

Corn futures are trading mostly 1 cent per bushel higher this morning. They were down 2 1/2 to 3 3/4 cents in the nearby months on Friday, with Dec corn down 6 3/4 cents on the week. The CFTC report on Friday afternoon showed managed money spec funds still net short; however as of 10/15 it was only at 66,141 contracts. This was the 4th consecutive week where managed money has reduced their net short position for corn futures. Weak export sales continue to be a problem. For the week ending 10/10 corn saw only 368,756 MT of export sales. Exports are still way behind last year, with the accumulated exports for MY through 10/10 at 2.637 MMT and now 63.75% behind last year’s pace. Commitments YTD are the lowest since 1990 according to USDA data. Trade ideas for tonight’s USDA harvest progress are in the 30-33% range. The 5 year average would be 42%.

-- provided by Brugler Marketing & Management

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