The corn market put on a rally on Friday, with contracts up 7 to 10 cents, as front months are approaching $5. May was up 30 cents this week, with December 16 ¾ cents higher. The front month CmdtyView national average Cash Corn price was up 7 1/4 cents at $4.62 3/4. The US dollar index was sharply lower and back below $100, which provided some additional support.
CFTC data from this afternoon showed speculators in corn futures and options trimming their net long position by 3,181 contracts in the week ending on April 8, taking it to 53,576 contracts, mainly on increased shorts. Commercials trimmed their net short position by 4,933 contracts to 331,811 contracts.
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Export Sales data released on Thursday has total corn export commitments now at 55.019 MMT. That is 85% of USDA’s new export projection of 2.55 billion bushels, which is behind the 5-year average pace but ahead of the 81% pace from last year. Actual shipments are 56% of that new projection, ahead of the 53% average pace.
May 25 Corn closed at $4.90 1/4, up 7 1/4 cents,
Nearby Cash was $4.62 3/4, up 7 1/4 cents,
Jul 25 Corn closed at $4.97, up 8 1/4 cents,
Dec 25 Corn closed at $4.63 1/2, up 9 1/4 cents,
New Crop Cash was $4.28 1/2, up 9 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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