Corn Prices Rebound as Managed Money Adds to Long Position

Corn prices are rebounding on Monday morning, rising by 6 to 7 cents per day. This comes after futures fell by 2 to 3 ¼ cents last Friday, with December contracts down 2 ¾ cents for the week. Open interest increased by 8,943 contracts.

The Commitment of Traders data from the CFTC shows that managed money added back 1,671 contracts to their net long position in corn futures and options, bringing it up to 426,842 contracts as of September 15. This is a positive sign for the market.

Brazil's first corn crop has been estimated at 27% planted as of Thursday, which is ahead of last year's pace of 25%. The meeting between President Trump and China's President Xi this week may have an impact on corn exports to China, but so far there has been no official news.