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Corn Spikes on Low Acreage

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After the initial reaction to the June 30 reports, corn futures are up by double digits. Futures are 14 1/2 to 18 1/4 cents higher at midday so far. Yesterday’s rally was led by short covering, with preliminary OI dropping 51,078 contracts. Commitment of Traders data shows funds held the 9th largest net short on record on June 23. Some of those are clearly being blown out. The USDA Acreage report showed 92.006 million acres of corn was planted or intended to be planted at the time of the survey ending on June 16, including 2.339 million not yet planted. Traders were expecting a much smaller cut on average, as new crop plantings were down a whopping 4.984 million acres from March’s Planting Intentions. Old crop corn stocks were reported at 5.224 bbu as of June 1, but trade was expecting only 4.959 bbu on average.

Jul 20 Corn is at $3.40 3/4, up 14 1/2 cents,

Sep 20 Corn is at $3.43 3/4, up 15 cents,

Dec 20 Corn is at $3.51, up 16 1/4 cents,

Mar 21 Corn is at $3.60 1/2, up 15 cents,

--- provided by Brugler Marketing & Management

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