Corn Closes with Slight Weakness on Friday
The corn market posted fractional to 1 ¼ cent losses on Friday, a few deferreds up ¼ cent. December still managed to pull out a 1 ½ cent gain on the week. December options expired today. First notice day is next Friday. The national average Cash Corn price from cmdtyView is down 1 1/4 cents at $4.02 1/4 per bu.
Spillover pressure from midday losses in wheat and the US dollar index hitting the highest prices since November 2022 is weighing on the market.
The weekly Commitment of Traders report from CFTC showed managed money spec traders in corn adding 4,639 contracts to their net long as of 11/19, taking the position to 114,628 contracts. Commercials were adding 1,337 contracts to their net short as of Tuesday to 321,974 contracts.
Export Sales data has accumulated corn shipments at 9.327 MMT, 31% above a year ago and 16% of the USDA export projection, vs. the 13% average pace for this early in the marketing year. Total commitments are 39% larger yr/yr at 31.396 MMT, which is 53% of USDA full year estimate, 7% above the normal pace.
Dec 24 Corn closed at $4.25 1/2, down 1 1/4 cents,
Nearby Cash was $4.02 1/4, down 1 1/4 cents,
Mar 25 Corn closed at $4.35 1/4, down 1 cent,
May 25 Corn closed at $4.42 1/2, down 3/4 cent,
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.