Corn futures are trading 1 cent lower this morning after gaining 3 3/4 to 4 1/2 cents on Friday. Weekly export sales totaled 1.007 MMT in the week of 10/4.That was down 29.65% wk/wk and 36.25% lower than the same week in 2017. Friday afternoon’s CFTC report indicated spec funds trimmed their net short position in corn futures and options by 23,732 contracts in the reporting week ending October 9, leaving them net short 34,032 contracts. Trade ideas for US corn harvest appear to be running 39-40% completed, which would still be ahead of the 5 year average pace.
--provided by Brugler Marketing & Management (402) 289-2330