Corn Falls Lower into the Weekend
The corn market closed Friday with front months down 6 to 8 cents in the nearbys as March expired and May dropping 10 ¾ cents on the week. New crop December was down 3 ¼ cents on Friday, with a 4 cent pullback this week. The CmdtyView national average Cash Corn price was back down 6 3/4 cents at $4.20.
USDA reported private export sales of 218,604 MT of corn to unknown destination during the reporting period this morning.
The weekly CFTC report showed speculators in corn futures and options cutting back another 73,211 contracts from their net long position a of March 11. That took their net long to 146,541 contracts, a reduction of 190,913 contracts over the previous 2-week period. Commercials were backing off their large net short by 77,711 contracts, mainly due to additional commercial longs.
There were more South Korean import purchases overnight, with two different importers buying a total of 207,000 MT.
Mar 25 Corn closed at $4.45 1/2, down 8 cents,
Nearby Cash was $4.20, down 6 3/4 cents,
May 25 Corn closed at $4.58 1/2, down 6 3/4 cents,
Dec 25 Corn closed at $4.51, down 1 1/4 cents,
New Crop Cash was $4.14 1/1, down 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.