Corn Pares Back Weekly Gains on Friday
Corn futures closed out the Friday session with bulls taking money off the table ahead of the weekend and down 1 to 6 ¼ cents across the board. That was led by Dec which saw this weeks gains trimmed to just 10 ½ cents. The national average Cash Corn price from cmdtyView was down 6 1/2 cents at $3.82 1/2 per bu. The average close for December corn futures so far in October has been $4.17. That is 49 cents below the February base insurance price.
USDA reported another private export sale of 135,000 MT of corn to Mexico for 2024/25 this morning.
The large 3.602 MMT reported for export sales in the week of 10/17 took the MY total to 23,478 MMT. That is 34% above the same point last year and a total of 40% of USDA’s export projection for the full year. Normally exporters would have sold 38% of the export projection by now.
The weekly CFTC commitments of Traders report showed managed money in corn futures and options trimming 15,489 contracts from their net short as of October 22. That took the net position to -71,499 contracts. Commercials added 22,541 contracts to their net short position at -155,577 contracts as of Tuesday.
Dec 24 Corn closed at $4.15 1/4, down 6 1/4 cents,
Nearby Cash was $3.82 1/2, down 6 1/2 cents,
Mar 25 Corn closed at $4.29 1/2, down 5 1/2 cents,
May 25 Corn closed at $4.37 1/4, down 4 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.