Corn Prices Dip Amid Soybean Weakness and Cautious Sentiment
Corn prices began the week on a downward trend, losing around 3 to 4.5 cents in early trading on Monday. This decline is partly due to spillover weakness from soybeans, according to TradingView.
Despite closing 10-15 cents off their Friday lows and ending steady to a penny higher, corn futures still struggled to gain momentum. The December contracts managed to post a 0.75 cent gain for the week, but the overall sentiment remains cautious.
The Commitment of Traders data from the CFTC showed that managed money trimmed back 12,405 contracts from their net long position in corn futures and options as of September 22. Their current net long position stands at 414,437 contracts.
Brazil's first corn crop is estimated to be 34% planted as of Thursday, ahead of the 32% pace from last year, according to AgRural.