Corn prices fell 12 to 14 cents early on Monday, impacted by an improving weather forecast and a $6.07 decline in crude oil. The September contract closed at $4.64 1/4, up 1/4 cent, while nearby cash corn prices rose slightly to $4.34. Open interest dropped by 10,536 contracts, largely due to a decline in September futures.
The NOAA forecasts 1 to 2 inches of rain across much of the Corn Belt, affecting states from Nebraska to Indiana, while the Dakotas may see less than half an inch. Meanwhile, AgRural reported that 60% of Brazil’s second corn crop is harvested.
CFTC data from July 21 shows managed money increased its net long position in corn futures and options by 49,518 contracts, totaling 92,909 contracts. Additionally, U.S. total corn commitments reached 86.613 million metric tons, surpassing the USDA’s export projection and marking a 12.5% increase in new crop sales compared to the same period last year.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
