Commodities
US Corn Futures Rise as Managed Money Speculators Boost Long Positions
Corn futures rose into Friday's close after a week of weaker tour yields. The September contract gained 24 ¾ cents, while December contracts rallied by 25 ¼ cents. This comes as the USDA reported 205,000 MT of corn sold to unknown destinations.
The US national yield is estimated at 173.2 pba, with production at 15.344 bbu according to Pro Farmer's Crop Tour estimates. Managed money spec traders in corn futures and options are now net long by 250,505 contracts, a significant increase of 83,735 contracts from last week.
The USDA Export Sales data shows old crop corn commitments at 87.74 MMT, which is 24% above last year's pace. New crop sales lag behind last year's, but remain the 4th largest forward book since 2000.