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Futures Review: Corn closed higher on weather concerns

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The support was likely due to concerns about the latest weather forecast and profit taking ahead of the weekend.

Overnight, corn futures traded lower, with the September contract down 2¢ to USD3.87 1/2. The change in the managed money position as reported by CFTC as well as changes in the weather forecast may have helped with the weakness overnight.

Some weather forecasts are showing an increased potential for rain in the dry parts of the Western Corn Belt, though warm temperatures could also impact much of the Corn Belt this week.

Friday’s CFTC report indicated money managers turned their previous net short position into a net long position of 101,000 contracts as of July 11. This is a change of 147,000 contracts and would be the largest net long position the managed money has had since July 2016.

CBOT CORN FUTURES (Cents/Bushel)

Contract

High

Low

Settle

Change

Jul 17

369

369

365 1/4

4 1/4

Sep 17

378 1/2

370

376 1/4

6 1/2

Dec 17

391 3/4

383

389 1/2

6 1/2

Mar 18

402

393 1/2

400 1/4

6 3/4

May 18

407

399

405

6 1/4

 

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