Watch us on RFD-TV, today at 9:45 AM CT! Corn (December)
Fundamentals: Friday morning, the USDA announced a flash sale of 150,000 metric tons to Colombia for the 2021/2022 marketing year. Rains moved through parts of the corn belt, but it may be too little too late for some areas. Crop Progress will be out after the close, but we aren’t expecting significant change as that report becomes less meaningful at this point in the year. Friday’s Commitments of Traders report showed Managed Money sold a net 11,199 contracts through August 24th, shrinking their net long position to 257,883 futures contracts.
Technicals: December corn futures were 16 ¼ cents higher for the week, which basically just offset the losses from the previous Friday (August 20th). That breakdown point, coupled with the 100-day moving average, continues to be resistance which we have defined as 551 ½