This month, Usda pegged 2024 to 2025 US corn carryout at 1.94 billion bushels versus 2.1 billion in June, far less severe than the 2020 cuts and still representing a five-year high. — Reuters
DESPITE a near-record US corn harvest, speculators have built their most bullish stance in Chicago corn futures and options since February 2023 as US exporters have recently posted some staggering sales volumes. However, the optimism could have a shelf life because supplies remain ample.
In the week ended Nov 12, money managers expanded their net long in Chicago Board of Trade (CBOT) corn futures and options to 109,989 contracts from 22,043 in the previous week. That move included funds’ largest round of short-covering in six months.
