Corn futures closed the Friday session with contracts 4 to 5 cents higher in the front months, taking back some early week losses. March was still down 21 cents on the week, a 4.71% loss. The CmdtyView national average Cash Corn price is up 6 cents at $3.89 1/2.
The markets will be off on Monday for the Martin Luther King Jr. Day holiday. They will open back up on Monday evening.
CFTC data showed managed money in corn futures and options adding 65,348 contracts to their net short position in corn futures and options as of January 13. That took their net short to 81,774 contracts. Much of that was vis new short interest, at the largest since October, with longs going to their smallest since November.
USDA reported a couple private export sales this morning of 298,000 MT of corn during to unknown destinations, with 120,000 MT for Japan. The total flash sales for the week are now 1.83 MMT.
USDA Export Sales data as of January 8 has 52.035 MMT of corn commitments (shipped and unshipped sales), which is 29% above the same week las year. That is 64% of USDA’s forecast and ahead of the 62% average sales pace. Meanwhile, FAS actual shipment data is 28.97 MMT, of 36% of USDA’s projection vs. a 26% average shipping pace.
Mar 26 Corn closed at $4.24 3/4, up 4 1/2 cents,
Nearby Cash was $3.87 0/1, up 4 3/4 cents,
May 26 Corn closed at $4.32, up 4 1/4 cents,
Jul 26 Corn closed at $4.38, up 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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