Corn futures closed the Friday session with contracts falling 7 to 11 ¾ vents as July ended the week with losses of 15 ½ cents. December was12 ½ cents lower. The CmdtyView national average Cash Corn price was down 11 cents to $4.16 3/4.
The weekly CFTC update from Friday showed managed money paring back their net long by 44,442 contracts in the week ending on 5/12. That took their net long position in corn futures and options to 299,483 contracts.
More News from Barchart
Export Sales data showed total corn commitments at 77.748 MMT as of May 7 after last week’s disappointing number. That is still a 25% increase yr/yr and is now 93% of the USDA forecast compared to the 95% average sales pace. Export shipments are 55.8 MMT, which is 69% of that number and running ahead of the 66% average pace. US FOB prices are still competitive on the world market, though a larger Argentina crop is cutting into that.
South Korean importers purchased a total of 191,000 MT of corn in separate tenders overnight, with most optional origin.
Sep 26 Corn closed at $4.63, down 11 1/4 cents,
Nearby Cash was $4.15 1/4, down 11 1/2 cents,
Dec 26 Corn closed at $4.81, down 10 1/4 cents,
Mar 27 Corn closed at $4.95 1/2, down 9 1/4 cents,
New Crop Cash was $4.33 5/8, down 10 3/4 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. This article was originally published on Barchart.com
