Corn Prices High Friday

Corn futures finished up 8 3/4 to 10 1/4 cents to end the week. Prices were technically oversold following the early week melt down and there is some bottom picking activity being attempted today. Friday afternoon’s Commitment of Traders report indicated spec funds holding a net long position of 44, 513 contracts in corn futures and options, a reduction of 45% from last week. Thursday’s USDA Export Sales report showed continued softness in export sales. New crop sales totaled 307,591 MT, up 56% from the previous week but down 71% from the same week last year. Total export commitments for old crop corn are now 17% behind a year ago. South Korea purchased 63,000 MT in an international tender for corn to be delivered in January 2020. Areas of dryness and moderate drought are expanding in Indiana, Illinois and Iowa.

SEP 19 Corn closed at $3.71, up 10 1/4 cents,

DEC 19 Corn closed at $3.80 3/4, up 9 3/4 cents,

MAR 20 Corn closed at $3.92 3/4, up 9 1/4 cents

MAY 20 Corn closed at $4.00, up 8 3/4 cents

--- provided by Brugler Marketing & Management

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