Corn futures posted losses of a penny to 2 ½ cents on Friday, with March closing the week with a 3 cent loss. The CmdtyView national average Cash Corn price was down 2 ¼ cents on the day at $3.99 1/4.
Commitment of Traders data from Friday afternoon showed managed money slashing 71,479 contracts from their net short position as of October 28. That took the position to 89,506 contracts. Commercials were trimming longs and adding shorts, increasing their net short by 77,722 contracts to 128,585 contracts
USDA will release another catchup report for Export Sales data on Monday, with traders looking for 1-2 MMT of corn bookings in the week ending on November 6.
The monthly WASDE report will be out on Tuesday, with analysts surveyed by Bloomberg looking for 2.145 bbu of US corn ending stocks, a 9 mbu drop from the November report if realized.
The Buenos Aires Grains Exchange estimates the Argentina corn crop at 44% planted, lagging the 46% pace from last year.
Dec 25 Corn closed at $4.36 3/4, down 1 cent,
Nearby Cash was $3.99 1/4, down 2 1/4 cents,
Mar 26 Corn closed at $4.44 3/4, down 2 1/2 cents,
May 26 Corn closed at $4.52 1/4, down 2 1/4 cents,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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