Corn 1 to 2 Cents Higher on Friday, July Up 12 1/4 for Week

Corn, soybeans - by 12019 via Pixaba

Corn futures closed mid-range on Friday, settling ¾ to 2 cents higher on the day.  For the week, July was up 12 ¼ and new crop December was up 11 3/4. The markets are closed for Memorial Day on Monday. They will resume trading on Monday night as normal for the Tuesday session. 

Total US corn export sale commitments are now at 90% of the USDA full year forecast at 49.277 MMT, 7% behind the normal pace for this time in the marketing year. Actual shipments are 67% of that projection, vs. the 72% average pace. For new crop, accumulated sales have totaled 2.61 MMT, which is down 5.2% from the same week a year ago. 

Commitment of Traders data showed managed money adding back 49,991 contracts to their net short in corn futures and options in the week of May 21. That took their short position back up to 121,162 contracts as of Tuesday. Commercials trimmed their net short position by 33,932 contracts by that date to 146,685 contracts.

Safras & Mercado cut their Brazilian corn production estimate by 2.8 MMT to 123.31 MMT, mainly on a cut to the second crop output. 

Jul 24 Corn  closed at $4.64 3/4, up 3/4 cent,

Nearby Cash  was $4.43 1/1, up 1 3/4 cents,

Sep 24 Corn  closed at $4.74 1/2, up 1 1/4 cents,

Dec 24 Corn  closed at $4.88 1/4, up 1 3/4 cents,

New Crop Cash  was $4.51 1/8, up 2 1/2 cents,

On the date of publication, Alan Brugler 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. For more information please view the Barchart Disclosure Policy here.