Corn futures rounded out the Friday session with contracts fractionally lower, as March managed to close the week with an 8 ¼ cent gain. Futures spent the session squaring up ahead of Monday’s USDA report. The CmdtyView national average Cash Corn price was down ¼ cent at $4.07 1/4.
After Thursday’s Export Sales report, US corn export commitments are now 50.895 MMT as of January 1, a 30% increase from last year. That is also 63% of the current USDA export projection for the marketing year and ahead of the 61% average sales pace. Actual shipments are 27.414 MMT, which is 34% of USDA’s forecast and ahead of the 24% normal shipping pace.
A couple South Korean importers purchased a total of 339,000 MT of corn in tenders overnight.
USDA will release their quarterly Grain Stocks report on Monday, with a Reuters survey of analysts looking for December 1 corn stocks at 12.962 bbu, with a range of estimates from 12.05 to 13.31 bbu.
CFTC data from this afternoon showed managed money trimming 7,158 contracts from their net short in corn futures and options as of January 6, taking it to 16,426 contracts.
Mar 26 Corn closed at $4.45 3/4, down 1/4 cent,
Nearby Cash was $4.07 1/4, down 1/4 cent,
May 26 Corn closed at $4.53 3/4, down 1/4 cent,
Jul 26 Corn closed at $4.60 1/4, down 1/4 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. This article was originally published on Barchart.com
