Corn Bulls Push Back Higher into the Close
The corn market closed the Friday session with contracts up 2 to 4 cents in the front months, with December down 1 ¼ cents. May was down 11 cents on the week, with December slipping 8 ½ cents. The CmdtyView national average Cash Corn price was up 3 ½ cents on the day at $4.18 1/2.
Weekly Commitment of Traders data showed managed money in corn futures and options cutting back another 32,663 contracts from their net long position in the week of 3/25. The net long was just 74,607 contracts as of Tuesday. Commercials saw shorts exiting, with the net short down 55,755 contracts to 369,005 contracts.
Export Sales data has total export commitments at 53.06 MMT as of March 20, which is 24% above the same period last year. That is 85% of the USDA export projection, now behind the 86% average pace in this specific week.
Grain Stocks data will be out on Monday, with the trade looking for 8.153 bbu of corn on hand as of March 1 according to a Bloomberg survey. Corn acreage is estimated at 94.4 MMT ahead of the Prospective Plantings report, with a range of 92.5 to 96.6 million acres.
South Korean importers purchased a total of 198,000 MT of corn in private deals on Friday.
May 25 Corn closed at $4.53 1/4, up 3 1/4 cents,
Nearby Cash was $4.20 1/2, up 3 1/2 cents,
Jul 25 Corn closed at $4.60, up 2 cents,
Dec 25 Corn closed at $4.42 1/2, down 1 1/4 cents,
New Crop Cash was $4.06 5/8, down 1 1/4 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. For more information please view the Barchart Disclosure Policy here.
