Corn Mixed Heading into Report Week

Corn is fractionally lower to as much as 1 ½ cents higher this morning. On Friday, corn futures were 2 1/2 to 3 1/2 cents lower at the close. Preliminary open interest sank 15,128 contracts, suggesting long liquidation after just a couple up days. Sept futures ended the week 2.6% lower. From CFTC’s weekly update, managed money was 179,820 contracts net short on August 4. That was 29,540 contracts more net short wk/wk with an 11% increase to OI. China sold 3.992 MMT of corn from state reserves this week, and the average selling price was 2,005 yuan/MT (~ $7.31/bu). Traders are expecting USDA to show crop conditions UNCH to perhaps 1 point lower in the good/excellent categories tonight. Some analysts are also indicating that USDA’s August corn production estimate has been larger than the average trade guess in each of the past 5 years.

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