Corn Bulls Hold on For Friday Gains
Corn held up despite the bears putting up a fight after the overnight strength. Futures closed with contracts up ½ to 3 ¼ cents, as in delivery May was down a nickel. July futures ended the week with a 10 ¼ cent climb, as December was 9 ¼ cents higher.
Some precip is expected to make its way across the US over the next week, possibly slowing the so far (through last Sunday at least) rapid planting pace. There was likely some planting that got done this week in portions of the Eastern Corn Belt, with parts of the WCB receiving decent rainfall totals.
There were 441 contracts delivered against May corn overnight, with ADMIS on both sides (customers vs. house), and a JPM customers the largest stopper.
The weekly Commitment of Traders report indicated the large spec funds in corn futures and options trimming 20,506 contracts from their net short position in the week that ended on April 30, taking it to a net short of 218,040 contracts. Commercial held a net short position of 55,445 contracts, adding another 13,273 contracts in that week.
May 24 Corn closed at $4.47, down 5 cents,
Nearby Cash was $4.38 7/8, up 0 cent,
Jul 24 Corn closed at $4.60 1/4, up 1/2 cent,
Dec 24 Corn closed at $4.82 3/4, up 3 1/4 cents,
New Crop Cash was $4.46 5/8, up 2 1/8 cents,
On the date of publication, Alan Brugler 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.
