Corn futures posted gains of 4 to 5 ½ cents across the front months on Friday, as May managed an 8 ¾ cent gain this week. The CmdtyView national averageCash Corn price was up 5 3/4 cents to $4.06 1/4. The spring base Crop Insurance price was set at the close, as the average December corn close for February was $4.62, down 8 cents from last year.
USDA reported a private export sale of 257,000 MT of corn sold to unknown destinations this morning.
Commitment of Traders data tallied managed money cutting another 13,548 contracts from their net short position in the week ending on 2/24, taking it to 13,867 contracts.
Export Sales data as of 2/19 showed corn commitments at 62.96 MMT, which is up 29% from the same period last year. That is 75% of the USDA export projected and now slightly behind the 77% average sales pace. Actual shipments are 46% of that estimate and 8 points ahead of the 38% average shipping pace.
A couple separate South Korean importers purchased a total of 201,000 MT of corn in a tender overnight.
Mar 26 Corn closed at $4.38 3/4, up 5 1/2 cents,
Nearby Cash was $4.06 1/4, up 5 3/4 cents,
May 26 Corn closed at $4.48 1/2, up 5 cents,
Jul 26 Corn closed at $4.56, up 4 3/4 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. This article was originally published on Barchart.com
