Corn Posts Double Digit Gains on Friday

Corn futures saw 9 to 11 1/4 cent gains in most contracts on Friday, with July expiring and Sep closing 3.53% higher on the week. Traders shrugged off larger USDA numbers from Thursday, as weather forecasts are starting to heat up for the rest of July. A private export sale of 104,100 MT of corn for 19/20 delivery to Panama was reported by USDA this morning. Friday’s Commitment of Traders report indicated money managers adding 5,520 contracts to their net long position in the week that ended on July 9 to 187,168 contracts. Thursday’s balance sheet update from USDA showed the projected 19/20 US cash average price at $3.70, down a dime from the June report. USDA also cut 100 mbu to the old crop export projection to 2.1 bbu. Buenos Aires Grain Exchange pegs Argentina’s corn harvest at 53.1% complete, compared to the 5-year average of 64.2%.

JUL 19 Corn closed at $4.49 1/2, up 1 3/4 cents,

SEP 19 Corn closed at $4.54 1/4, up 10 cents,

DEC 19 Corn closed at $4.59 1/4, up 11 1/4 cents

MAR 20 Corn closed at $4.65, up 10 1/2 cents

--provided by Brugler Marketing & Management

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