Corn Futures Close Mixed as Managed Money Adds to Net Long Position

Corn futures experienced a mixed close on Friday, recovering from early weakness to finish fractionally steady. The September contract managed to gain 19.5 cents for the week, while December rose 20 cents.

The NOAA's 7-day QPF forecast shows limited precipitation in the Corn Belt over the next week, with some exceptions in Ohio and scattered totals in Wisconsin and Minnesota.

CFTC data revealed managed money adding to their net long position in corn futures and options, increasing by 49,518 contracts. This move was largely driven by short covering.