Corn Closes Friday with Gains
The corn market closed out the Friday session with contracts up 1 to 3 cents across the front months. May was up 7 cents this week despite all the tariff talk. New crop December was weighed down by bean losses as they try not to attract too many more acres, with a gain of 4 ¼ cent since last Friday. The CmdtyView national average Cash Corn price was up 3 3/4 cents on the day at $4.31 3/4.
Weekly Commitment of Traders data showed managed money in corn futures and options cutting back another 17,850 contracts from their net long position in the week of April 1. The net long was just 56,757 contracts as of Tuesday. Commercials saw longs increasing, with the net short down 32,261 contracts to 336,744 contracts.
Export Sales data now has the total commitments at 54.235 MMT, which is an improvement of 24% over the same period last year. That is 87% of the USDA export forecast, with the average pace at 88%.
May 25 Corn closed at $4.60 1/4, up 2 3/4 cents,
Nearby Cash was $4.31 3/4, up 3 3/4 cents,
Jul 25 Corn closed at $4.67 1/4, up 1 3/4 cents,
Dec 25 Corn closed at $4.46 3/4, down 3/4 cent,
New Crop Cash was $4.10 7/8, down 1/4 cent,
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.