Corn Rallies on Friday
The corn market put on a rally ahead of the weekend as contracts were up 2 ½ to 5 cents across the board on Friday. March was up 7 cents on the week. The national average Cash Corn price from cmdtyView was up 4 3/4 cents at $4.12 1/4.
Commitment of Traders data showed spec funds in corn futures and options trimming their net long by another 9,222 contracts as of 12/3. They held a net long of 88,220 contracts on Tuesday. Commercials increased their net short by 4,322 contracts to 303,385 contracts in that week.
The USDA will release their monthly WASDE report on Tuesday, with a Reuters survey of analysts showing an expected cut to carryout by 32 mbu to 1.906 bbu. The range of estimates are from 1.863 to 1.938 bbu.
Export Sales data has accumulated corn shipments at 11.384 MMT, 31% above a year ago and 19% of the USDA export projection, vs. the 16% average pace. Total commitments are 39% larger yr/yr at 34.191 MMT, which is 58% of USDA full year estimate, 8% above the normal pace.
Dec 24 Corn closed at $4.30 3/4, up 4 1/4 cents,
Nearby Cash was $4.12 1/4, up 4 3/4 cents,
Mar 25 Corn closed at $4.40, up 5 cents,
May 25 Corn closed at $4.45 1/4, up 4 3/4 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. For more information please view the Barchart Disclosure Policy here.