Corn Lower Overnight on Pre-Report Positioning
BRUG - Mon Jun 10, 7:21AM CDT

Corn futures are trading 2 to 3 cents per bushel lower this morning. They settled 4 1/4 to 5 1/4 cents lower on Friday amid uncertainty about the US/Mexico trade situation. The US called off the threatened tariff on Mexican goods, leaving things at status quo. Trade ideas are calling for US planting progress in the 80-83% range for tonight’s NASS report. The 5 year average is 100%. A Bloomberg survey found the average analyst estimate for 2019/20 corn ending stocks in the June 11 report dropping to 1.772 billion bushels from the May USDA figure of 2.485 billion. The average trade estimate has US average corn yield dropping to 172.4 bpa from 176 in the May WASDE report. The weekly CFTC Commitment of Traders report showed the large managed money spec funds had flipped to a net long position of 87243 contracts on Tuesday, June 4. That was a swing of 107,979 contracts in a week from the previous net short.

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