Corn in the Red on Monday

Corn futures are trading 7 to 9 1/4 cents lower in most contracts on Monday. The weekly Export Inspections report indicated that 676,485 MT of corn was shipped in the week that ended on July 11. That was down 6.23% from last week and just above half of what was inspected for the same week last year. Another shipment of 51,075 MT of sorghum was headed to China. Trade expectations ahead of the Crop Progress report this afternoon are for corn condition ratings to either drop ~1% to 56% gd/ex or go up 1%! Friday’s Commitment of Traders report indicated money managers added 5,520 contracts to their net long position in the week that ended July 9, taking it to 187,168 contracts.

SEP 19 Corn is at $4.45, down 9 1/4 cents,

DEC 19 Corn is at $4.50 3/4, down 8 1/2 cents,

MAR 20 Corn is at $4.57 1/4, down 7 3/4 cents

MAY 20 Corn is at $4.59 3/4, down 7 cents

--provided by Brugler Marketing & Management

Market Commentary provided by:

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