CornCorn futures are trading mostly 3 cents higher this morning. Prices closed higher on Friday despite USDA projecting US average yield at 175.1 bpa and a record crop at 15.153 billion bushels. Ears per acre in the objective yield plots were only the 4th highest on record, but USDA used a new all-time high for grain weight per ear. The projected new crop ending stocks are now 2.409 billion for 2016/17. World ending stocks rose because of the hike in the US, to a projected 220.81 MMT from 208.4 MMT last month. The weekly Commitment of Traders report showed managed money adding another 32,645 contracts to their net short position during the week ending Tuesday, August 9.
Can´t wait shortcovering rally :-)