Corn 5 to 6 Cents Lower On Weekend Rains

Corn futures open the week 5 to 6 cents lower as rain hit the dry eastern Corn Belt over the weekend. Prices were technically oversold following the early week melt down and there was some bottom picking activity being attempted in the December contract on Friday. Preliminary open interest rose 11, 172 contracts in the December on Friday, but was down 3,808 overall. 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. South Korea purchased 63,000 MT for corn to be delivered in January 2020. Areas of dryness shrank over the weekend in the ECB, with up to 2.5 inches reported in western Ohio and 1+ inches in northern IL. It was T-storm activity, so not everyone got it, but some of the pockets on the Drought Monitor got meaningful rain.

--- provided by Brugler Marketing & Management

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