The sell-off in corn futures the last two weeks looks overdone in our view. July corn set a new contract low early week near the $4.12 level.
December new crop was closing in on lows from back in August 2024 near $4.38 and three quarters. That sell-off, the second half of last week especially, took net long positions to no more than 60,000 contracts to start the week just 30 days ago. Net long positions were over 340,000 contracts.
Tomorrow’s crop report looks to be a non-factor in our view. Final acreage numbers and quarterly stocks numbers coming on June 30th much more important.
Audio Reporting by Mark Oppold for Southeast AgNet.
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