Corn futures experienced a decline of 3 to 4 cents across the front months on Friday, with December futures slipping back 2 cents for the week. The CmdtyView national average Cash Corn price fell by 3 3/4 cents, settling at $3.78.
According to Friday afternoon’s Commitment of Traders report, managed money added 14,624 contracts to their net short position in corn futures and options as of September 23. This adjustment brought their net position to -94,675 contracts, primarily due to long liquidation. In contrast, commercials reduced their net short position by 10,692 contracts, now totaling 97,598 contracts, largely through an increase in long positions, indicating end-user hedging.
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Export Sales data now indicates corn export sale commitments at 25.757 million metric tons (MMT), marking a record for the third week of the marketing year and representing a 75% increase compared to the same week last year. This figure accounts for 34% of the USDA’s export projection, surpassing the 30% average sales pace.
As we approach the September 30 Grain Stocks report, analysts surveyed by Bloomberg anticipate the USDA will report 1.336 billion bushels (bbu) of corn on hand as of September 1. The estimates range from 1.26 to 1.45 bbu.
A South Korean importer recently purchased a total of 68,000 MT of corn in a tender, although the origin of the corn was not specified. Meanwhile, Argentina’s Agricultural Ministry estimates that the country’s corn crop is currently 12% planted, ahead of last year’s 9%.
Dec 25 Corn closed at $4.22, down 3 3/4 cents.
Nearby Cash was $3.78, down 3 3/4 cents.
Mar 26 Corn closed at $4.38 3/4, down 3 1/2 cents.
May 26 Corn closed at $4.48, down 3 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.
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