Corn Closes Mixed on Friday
Corn futures ended Friday mixed amid bear spreading, with July down 3¼ cents and December up 3 cents. Weekly losses totaled 16½ cents. Speculators trimmed net longs to 71,329 contracts, while commercials reduced shorts. National average cash corn dipped to $4.39¾. Weather forecasts show patchy rain, and export sales reached 91% of USDA’s target. Brazil’s crop outlook improved.
The corn market settled the Friday session with some bear spreading going on, as nearby contracts were down 3 to 4 cents and new crop December was up 3 cents. July was down 16 ½ cents this week. The nearby CmdtyView national average Cash Corn price was down 3 at $4.39 3/4.
Commitment of Traders data from CFTC showed a total of 41,476 contracts trimmed from the specs now smaller net long position. They held a net long of 71,329 contracts as of April 29. Commercials trimmed their net short by 18,426 contracts to 339,720 contracts.
The weather forecast for next week shows spottier rain totals of around 1 inch in parts of MO, IL, and IN, with OH seeing some heavier totals. Areas south of that are expected to receive more. The WCB is looking drier, with much of NE, IA, WI, MN, and the Dakotas expected to receive little to no precipitation.
USDA Export Sales data has old crop total commitments for corn exports at 58.749 MMT, which is now 91% of the USDA WASDE full year forecast, trailing the 5-year average sales pace of 94% but ahead of the 86% from last year.
StoneX is projecting total Brazilian 2024/25 corn production at 132.4 MMT. Their second crop projection is estimated at 104.3 MMT, a 2.7 MMT increase from their previous estimate.
May 25 Corn closed at $4.61 1/4, down 3 cents,
Nearby Cash was $4.39 3/4, down 3 cents,
Jul 25 Corn closed at $4.69, down 3 1/4 cents,
Dec 25 Corn closed at $4.50 1/4, up 3 cents,
New Crop Cash was $4.09 1/4, up 2 1/2 cents,
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Source : Barchart
