Corn futures rounded out the week in rally mode, as contracts were up 5 to 11 ¼ cents across the board on Friday September rallied 20 cents on the week with December up 21 ¼ cents. The CmdtyView national average Cash Corn price was up 11 3/4 cents at $4.30. Continued spillover support from a wheat-led rally on rising Black Sea tensions has helped to extend corn's bounce into the weekend.
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Weekly CFTC data tallied managed money spec traders in corn futures and options at a net long of 166,770 contracts by 8/11. That was a 15,176 contracts reduction on the week, mainly coming from new short interest. Export Sales data has old crop corn sales at 87.503 MMT, which is 104% of the USDA number and ahead of the last few years' pace.
Accumulated shipments are 80.066 MMT, or 95% of the USDA export projection. New crop corn sales are now down 23.5% below the same period last year at 10.575 MMT. Sep 26 Corn closed at $4.59, up 11 cents, Nearby Cash was $4.30, up 11 3/4 cents, Dec 26 Corn closed at $4.83 1/4, up 11 1/4 cents, Mar 27 Corn closed at $4.99, up 11 1/4 cents, New Crop Cash was $4.34 1/4, up 11 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. This article was originally published on Barchart.com
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