Market Report: Corn About Unchanged Friday, Beans Lower

Corn closed out the week quietly Friday about unchanged. For the week, old crop September was down only 9 cents a bushel. Given the USDA Report Wednesday, that probably was not too bad. The CFTC  showed that the funds reduced their long positions by 62,681 contracts. The funds are still long 101,118 contracts, but that was as of last Tuesday, the day before the USDA report. The Farm Service Agency will release their first planted acres report Monday. Will that give us the number of corn acres that did not get planted this year and will the market or USDA take that into account? Don't hold your breath!

Beans got hit again Friday, posting losses of 9-15 cents a bushel. For the week, beans lost 50 cents a bushel. The funds increased their long positions to 59,353 contracts. That was up 8,487 contracts. But remember that was as of last Tuesday the day before the USDA report. Monday we will get the monthly NOPA Crush report, Traders are expecting the NOPA Crush to be 141.4 million bushels, down slightly from the June NOPA Crush.