Corn Slides on Friday to Pare Back Weekly Gains
Corn futures closed out the Friday session with contracts down 2 to 4 ¾ cents across the board. Additional pressure came via a weaker wheat market and a stronger US dollar index. December was still up 6 ¾ cents, helped by the early week action. The national average Cash Corn price from cmdtyView was down 4 cents at $3.92 1/4 per bu.
Commitment of Traders data showed spec funds in corn futures and options slashing 63,600 contracts from their net short position as of October 1. They took that net short to the smallest since August 2023 at 67,699 contracts. Commercials were adding 49,064 contracts to their net short of 157,100 contracts as of Tuesday.
USDA reported a total of 198,000 MT of corn sold to unknown destinations for 2024/25 this morning via a flash sale announcement.
The weekly Export Sales report showed the total for export commitments now at 16.428 MMT, which is up 14% from last year and a 3-year high. That is 28% of USDA’s 24/25 export forecast, vs. the 33% average sales pace.
Corn exports out of Brazil totaled 6.421 MMT during September, according to the country’s trade ministry. That was a 5.92% increase over the previous month, but down 26.58% from September 2023.
Dec 24 Corn closed at $4.24 3/4, down 3 1/2 cents,
Nearby Cash was $3.92 1/4, down 4 cents,
Mar 25 Corn closed at $4.41 3/4, down 4 1/4 cents,
May 25 Corn closed at $4.50 1/2, 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.
