Grain Express

Corn (December)

Fundamentals: Friday’s USDA report showed the national average corn yield at 178.4 bushels per acre, a notch above the average analyst estimate. Harvested acres was lowered which offset the higher yield and ultimately led to a small decline in production, 14.722 billion bushels. US ending stocks came in at 2.167 billion bushels, within the range of expectations. For the week ending October 9th, corn futures were up 15 ¼ cents, marking new highs for the move and inching closer to the technically and psychologically significant $4.00 level. Friday’s Commitment of Traders report showed funds bought a net 27,600 contracts, expanding their net long position to 134,466 contracts. Commitment of Trader data is through Tuesday, it is estimated that funds added another 50,00