Corn Prices Bounce Back as Managed Money Adds to Long Position

Corn prices are bouncing back on Monday morning, with futures up 6 to 7 cents. Despite this gain, contracts were down 2 to 3 ¼ cents last Friday, with December's price falling 2 ¾ cents for the week.

The CmdtyView national average Cash Corn price was down 3 cents at $4.82 1/4, but managed money is adding to their net long position in corn futures and options. According to CFTC Commitment of Traders data, as of September 15, managed money had a net long position of 426,842 contracts.

The export market has been quiet ahead of the meeting between President Trump and China's President Xi this week, with no significant corn sales reported to China. However, Brazil's first corn crop is looking strong, with 27% planted as of Thursday, ahead of last year's pace of 25%.