Corn Prices Hold Steady as Rallies Continue
Corn prices are holding steady on Monday morning, up 1¾ to 2¼ cents in the front months. This comes after a week of rallies, where futures contracts were up 5 to 11¼ cents across the board. September's corn price closed at $4.59, up 11 cents, while December's price closed at $4.83¼, up 11¼ cents.
The ProFarmer Crop Tour is set to begin this week, and traders are watching for yield results from boots on the ground. The CFTC data tallied managed money spec traders in corn futures and options at a net long of 166,770 contracts by August 11, down 15,176 contracts from the previous week.
Export sales data shows old crop corn sales at 87.503 MMT, which is 104% of the USDA number and ahead of last year's pace. New crop corn sales are now down 23.5% below the same period last year at 10.575 MMT.