Corn Closes the Week on a Lower Note, as Specs Flip Bearish
Corn futures closed out the Friday session on a weaker note, with contracts down 3 to 5 cents. July slipped back 6 ¼ cents on the week, with December falling in unison and down 6 ½ cents. The front month CmdtyView national average Cash Corn price was down 4 1/2 cents at $4.15 ½.
The Friday afternoon Commitment of Traders report from CFTC showed the managed money spec funds flipping from a net long to a new net short position of 84,976 contracts. That was a bear move of 98,869 contracts during the week that ended on May 13.
Precipitation over the next week covers much of the Corn Belt. While some areas in the East are a little slower getting the crop planted, for the crop already in the ground, this is generally welcomed.
Export Sales data has total commitments now at 62.088 MMT, which is 94% of the USDA export projection that was raised on Monday. Normally, export bookings are 95% of that projection by now. Actual exports via FAS are 45.015 MMT, which is 68% of that USDA number and ahead of that average 66% pace.
Jul 25 Corn closed at $4.43 1/2, down 5 cents,
Nearby Cash was $4.15 1/2, down 4 1/2 cents,
Sep 25 Corn closed at $4.21 1/2, down 3 1/2 cents,
Dec 25 Corn closed at $4.35 1/2, down 3 1/4 cents,
New Crop Cash was $3.93, down 3 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.