Corn

Corn futures are mostly 2 1/2 to 2 3/4 higher this morning as weekend rains in Argentina were limited. They saw most contracts 2 to 3 3/4 cents lower on Friday, with nearby March eking out a 1/2 cent gain on the week. A report showed that China canceled 4 cargoes of US corn in January, as they look to source non-GMO corn for processing. They switched those cargoes to Ukraine origin, a country that does not use GMOs. Spec traders in corn futures and options reduced their net short position by 48,018 contracts during the week of Feb 6. That CFTC position was at -82,924 contracts on Tuesday. South Korea purchased 202,000 MT of corn on Friday, with the origin likely the US or South America.




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