Corn Rounds out the Week with Strength
Corn futures closed out the Friday session in rebound, with the recent bear spreading seeing some slight unwinding. Contracts were up 1 to 3 cents at the final bell. July was down just 1 ½ cents this week, with December up 10 ¾ cents. The front month CmdtyView national average Cash Corn price was up 3 1/4 at $4.18 1/4.
The Friday afternoon Commitment of Traders report from CFTC showed speculators in corn futures and options adding another 53,283 contracts to their net short position. As of June 3rd, that net short stood at 154,043 contracts. Commercials slashed another 47,609 contracts from their net short, taking it to 102,452 contracts as of Tuesday.
The weekly Export Sales report data has corn export commitments at 65.138 MMT. That is now 99% of the USDA projection, slightly ahead of the 5-year average. Actual shipments per the FAS data are 49.85 MMT, which is on pace with the 5-year average at 75% of USDA’s estimate.
Argentina’s corn crop is 43.8% harvested according to the Buenos Aires Grain Exchange as their production forecast is at 49 MMT.
Jul 25 Corn closed at $4.42 1/2, up 3 cents,
Nearby Cash was $4.18 1/4, up 3 1/4 cents,
Sep 25 Corn closed at $4.33 1/4, up 1 3/4 cents,
Dec 25 Corn closed at $4.49 1/4, up 1 cent,
New Crop Cash was $4.06 1/2, 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.
