Corn Rally into 3-Day Weekend
The corn market rallied on Friday with the nearby contracts up 8 ¼ to 10 cents and other contracts 1 ¼ to 3 ¾ cents higher across the board. March was up 13 ¾ cents on the week. The national average Cash Corn price from cmdtyView is up 9 1/4 cents at $4.49. The markets and government will be closed on Monday due to Martin Luther King Jr Day, with a normal schedule for Tuesday.
The weekly CFTC Commitment of Traders report showed managed money spec traders in corn futures and options adding 38,882 contracts to their net long position as of January 14. That took their net long to 292,228 the largest since May 2022. Commercials increased their net short by 52,432 contracts to 540,764 contracts, the most since June 2022.
USDA’s Export Sales report from Thursday morning showed 1.024 MMT of 2024/25 corn sold in the week ending on January 9. That took the total commitments for the year to 40.27 MMT, which is now 65% of the full year forecast from USDA, compared to the average sales pace of 61%.
Argentina corn conditions have been getting weak, with the excellent conditions down 3% to 39% according to the Buenos Aires Grains Exchange, with poor conditions up 5% to 14%.
Mar 25 Corn closed at $4.84 1/4, up 9 3/4 cents,
Nearby Cash was $4.49, up 9 1/4 cents,
May 25 Corn closed at $4.93, up 10 cents,
Dec 25 Corn closed at $4.56, up 3 1/4 cents,
New Crop Cash was $4.27, up 3 1/2 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. For more information please view the Barchart Disclosure Policy here.