Corn Pulls Off Early Lows, but Still Faces Friday Losses

Corn futures closed out the Friday session with contracts down 1 ¼ to 3 ¾ cents at the close. May settled Friday, with the weekly loss at 11 ¼ cents, as December fell 9 cents on the week. The CmdtyView national average Cash Corn price was down 2 cents at $4.02 1/2. Crude oil was down $2.24 on the day, as risk was taken off the table ahead of the US/Iran talks this weekend.

USDA reported a private export sale of 126,640 MT of corn to unknown destinations this morning. 
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Friday’s Commitment of Traders report showed 49,342 contracts cut from the managed money net long position as of April 7 to 218,632 contracts.

Export Sales data from Thursday morning showed 71.387 MMT of corn export commitments, 30% above a year ago. That is 85% of USDA’s estimate and behind the 89% average. Shipments are now 48.96 MMT, a 34% increase from the same period last year. That is 58% of the USDA forecast and 5 points ahead of the average shipping pace.

May 26 Corn  closed at $4.41, down 3 cents,

Nearby Cash  was $4.02 1/2, down 2 cents,

Jul 26 Corn  closed at $4.51 1/4, down 3 3/4 cents,

Dec 26 Corn  closed at $4.72 1/4, down 2 cents,

New Crop Cash  was $4.28 1/4, down 2 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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