Corn Close on a Mixed Note
The corn market closed mixed on Friday, with nearby contracts up by 1 ½ cents, while new crop December corn was down ¾ cent. The USDA reported a 235,000 MT private export sale to Mexico. CFTC data showed a reduction in spec funds’ long positions. Export commitments reached 57.734 MMT, 26% higher than last year.
The corn market closed Friday with contracts mixed, as nearbys were up 1 ½ cents and new crop December down ¾ cent. May was down 3 ½ cents on the week. The nearby CmdtyView national average Cash Corn price was up 1 1/2 cents at $4.52 3/4.
USDA reported a private export sale of 235,000 MT of corn to Mexico this morning, with 130,000 MT for 2024/25 and 105,000 MT for 2025/26.
CFTC Commitment of Traders data showed spec funds pulling back from their net long position by 11,768 contracts in the week ending on April 22. They took that net long to 112,805 contracts by Tuesday.
According to reports, Japan is contemplating increasing the imports of US corn as part of some trade negotiations. They normally source 60-70% of their needs from the US. Still, they are the second largest buyer of US corn so far this year at 10.09 MMT.
Export Sales data has total corn commitments now reaching 57.734 MMT, which is 26% above the same time last year. That is 89% of USDA’s projection, behind the 92% average export sales pace.
May 25 Corn closed at $4.78 3/4, up 1 1/2 cents,
Nearby Cash was $4.52 3/4, up 1 1/2 cents,
Jul 25 Corn closed at $4.85 1/2, up 1 1/2 cents,
Dec 25 Corn closed at $4.55 3/4, down 3/4 cent,
New Crop Cash was $4.18 3/8, down 1 3/4 cents,
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Source : Nasdaq.com
