Corn posted gains of 3 to 6 cents across most contracts on Friday. After a down then up week, May closed the week with just a ¼ cent loss. New crop December was down ¾ cent. CmdtyView’s national average Cash Corn price was up 5 1/2 cents at $4.29.
CFTC Commitment of Traders data showed spec funds slashing 117,702 contracts from their net long position in the week ending on March 4, the second largest Tuesday/Tuesday bear move on record. That took their net long to 218,752 contracts
Export Sales data has total corn export commitments at 49.567 MMT, which is up 26% from last year. That is also 80% of USDA’s current export forecast, ahead of the 77% average pace for this time of year.
Ahead of the USDA report next week, analysts are expecting to see a 24 mbu reduction to the US corn carryout projection, to 1.516 bbu.
Brazilian trade data was released this morning, showing 1.432 MMT of corn exported in February, down from 1.713 MMT last year.
Mar 25 Corn closed at $4.55 1/4, up 5 3/4 cents,
Nearby Cash was $4.29, up 5 1/2 cents,
May 25 Corn closed at $4.69 1/4, up 5 1/4 cents,
Dec 25 Corn closed at $4.54 1/4, up 3 1/4 cents,
New Crop Cash was $4.19 7/8, 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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