Corn September 2010 (ZCU10)

Corn futures closed lower on the day and down 13 cents for the week. Managed Money had increased their net long from the previous week by 20,038 contracts. Index Funds had decreased their net long by 1,328 contracts. Private exporters announced a large sale of 240,000 MT of corn to Egypt for 2011/12 delivery this morning. Weekly USDA export sales is at a good pace for this marketing year. Cash basis levels were steady with some lower bids at a NE processor and IL river terminal. Gulf bids are a penny lower for nearby and unchanged for April forward. The data on the monthly USDA WASDE report was basically what the trade was looking for with World corn ending stocks dropped to 125.35 MMT from 128.14 MMT due to a 4 MMT reduction to the Argentine corn crop.

Mar 12 Corn closed at $6.31 3/4, down 5 1/4 cents,
May 12 Corn closed at $6.35 1/2, down 6 cents,
Jul 12 Corn closed at $6.39 1/4, down 6 1/2 cents
Dec 12 Corn closed at $5.59 3/4, down 8 1/4 cents