Corn price action is kicking off the final trade day of August with modest losses of fractionally to 1 ½ cents. Month end pressure could play a role today. Futures held onto the Friday gains into the close, with contracts settling 1 to 4 cents higher. September rallied 28 ¼ cents last week, with December 28 up cents. Open interest was up 35,585 contracts on Friday. There were 90 deliveries issued against September corn on First Norice Day. The CmdtyView national average Cash Corn price was back up 2 1/4 cents at $4.84 1/4.
Friday’s CFTC data showed managed money in corn futures and options adding a total of 126,008 contracts to their net long as of August 25. That net long was tallied at 376,513 contracts, which was the largest since April 2022, but still over 52,000 contracts shy of the Tuesday record going back to 2006. Specs held a total of 465,500 contracts of outright longs by Tuesday, the largest on record.
