Corn futures closed the week on Friday with losses of 2 to 5 cents across most front months. Despite the Friday losses, May saw a 5 ¾ cent gain on the week. New crop held steady, as the trade range narrows ahead of the Prospective Plantings report on the 31st, with just a 7 ¾ cent range on the week. The CmdtyView national average Cash Corn price was back down 4 ¼ cents on Friday at $4.29 ¾.
Weekly Commitment of Traders data showed the managed money crowd in corn futures and options peeling back their net long position in the week of 3/18 by 39,271 contracts. The net long was just 107,270 contracts as of Tuesday, vs. the 364,217 position at the beginning of February. Commercials saw shorts exiting, with the net short down 38,690 contracts to 422,760 contracts.
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Total export sale commitments for the 2024/25 crop to 52.031 MMT, which is still 25% larger than the same period last year. That is also 84% of the USDA export projection, ahead of the 5-year average sales pace by 1 percentage point.
May 25 Corn closed at $4.64 1/4, down 4 3/4 cents,
Nearby Cash was $4.29 3/4, down 4 1/4 cents,
Jul 25 Corn closed at $4.71 1/2, down 4 cents,
Dec 25 Corn closed at $4.51, down 2 cents,
New Crop Cash was $4.14 3/4, down 2 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.
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