Corn futures rounded out the Friday session with contracts steady in some deferreds to 4 ¾ cents higher in the front months as March expired. May closed the week with a 6 ¾ cent gain from on the week. The CmdtyView national average Cash Corn price was up 4 3/4 cents to $4.24 1/4. Crude oil was up $3.57 at the close.
The weekly Commitment of Traders report from CFTC showed a total of 140,297 contracts of futures and options added to the spec fund net long position in the week ending on March 10. That was the largest Tuesday/Tuesday bull move since May 2019 and took the net position to 193,271 contracts. Producer selling was noted, as commercials added 143,803 contracts to their net short to 477,414 contracts.
Export Sales data from Thursday brought the marketing year corn export commitments to 66.513 MMT, which is 32% larger than the same period last year. That is 79% of USDA’s export number and near the 80% average pace. Shipments at 41.74 MMT are now 50% of USDA’s number and running ahead of the 43% average pace.
CONAB estimates the Brazilian corn crop at 138.27 MMT, down 0.18 MMT from last month. The first crop was up 0.65 MMT to 26.7 MT, as the second crop number was trimmed by 0.83 MMT to 108.43 MMT.
May 26 Corn closed at $4.67 1/4, up 4 3/4 cents,
Nearby Cash was $4.24 1/2, up 4 3/4 cents,
Jul 26 Corn closed at $4.78 1/4, up 4 1/4 cents,
Sep 26 Corn closed at $4.79 1/4, up 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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