Corn futures closed out the Friday session with losses of 4 to 9 ¼ cents as the tariffs on Mexican goods are set to begin on Saturday. March was down 4 ½ cents on the week. The national average Cash Corn price from cmdtyView was down 9 1/4 cents at $4.45.
After refuting reports of a pushback on the Mexico/Canada tariff start date, President Trump stated the February 1 date was still in place. There has yet to be any retaliatory measure put in place officially by either country.
Commitment of Traders data from CFTC showed spec funds adding 39,043 contracts to their net long position in the week ending on January 28. That took their large net long to 350,721 contracts, the largest since May 2022. The outright number of long contracts was a record 447,179 contracts.
Export Sales data shows the marketing year sales total to 43.29 MMT, which is 70% of the USDA full year export projection, ahead of the 66% average sales pace.
The Buenos Aires Grains Exchange tallied the Argentina corn crop at 28% excellent, down 2% from the previous number, shifting to the poor category at 22%.
Mar 25 Corn closed at $4.82, down 8 1/4 cents,
Nearby Cash was $4.45, down 9 1/4 cents,
May 25 Corn closed at $4.93, down 8 1/2 cents,
Dec 25 Corn closed at $4.60 1/4, down 4 cents,
New Crop Cash was $4.28 1/8, down 5 1/2 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.More news from Barchart
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