The corn market is trading with fractional to 2 cent gains so far on Monday morning. Corn futures closed out the Friday session on a high note, as futures rallied o close out the week. Contracts were up anywhere from a penny to 5 ½ cents. March finished the week with a 4 ¼ cent gain. The national average Cash Corn price from cmdtyView was up 5 3/4 cents at $4.17.
Late on Friday, a trade despite panel ruled the US was successful in challenging Mexico’s biotechnology measures over GMO corn, citing it violated USMCA agreement.
Commitment of Traders data showed the managed money spec funds in corn futures and options trimming 6,475 contracts from their net long position in the week that ended on December 17. They took that net long to 159,415 contracts by Tuesday. Commercials increased their net short by 10,590 contracts to 396,690 contracts.
Export Sales data from Thursday morning showed accumulated corn shipments are now 13.621 MMT. That is up 31% from last year and 22% of USDA’s full year export projection, ahead of the 19% average pace. Including unshipped sales, commitments are 36.313 MMT, 29% above last year. That is also 58% of the USDA number, with the average pace at 55%.
Mar 25 Corn closed at $4.46 1/4, up 5 1/2 cents, currently up 1 1/4 cents
Nearby Cash was $4.17, up 5 3/4 cents,
May 25 Corn closed at $4.51 3/4, up 5 1/2 cents, currently up 1 3/4 cents
Jul 25 Corn closed at $4.54 1/2, up 5 1/4 cents, currently up 1 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 BarchartThe views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
