Corn Bulls Fail to Hold $5 on Friday

Corn futures fell under pressure on Friday, with contracts down 1 ½ to 5 ¼ cents across the board. December collapsed this week for a 30 ½ cent loss, of 5.77%. The CmdtyView national average Cash Corn price was down 2 1/4 cents at $4.59.

USDA reported a private export sale of 218,600 MT of corn to Mexico this morning, with 173,800 MT for 26/27, 22,400 MT for 27/28 and 22,400 MT for 28/29. 

Weekly CFTC data showed managed money trimming another 36,587 contracts from their net long position in corn futures and options as of Tuesday. By the 9/29 they were net long 377,850 contracts. Much of that reduction was via long liquidation.

Harvest should be able to resume over the next week, with a pocket opening up for much of the US growing region in the 7-day QPF from NOAA. Some will need that long for the low spots to dry!

Export Sales data from USDA has total corn commitments at just 18.774 MMT, which is 31% below the same time last year. That is also 23% of the US export projection and 8% behind the 5-year average sales pace. 

Dec 26 Corn  closed at $4.97 3/4, down 4 1/2 cents,

Nearby Cash  was $4.59 1/1, down 2 1/4 cents,

Mar 27 Corn  closed at $5.11 1/2, down 5 1/4 cents,

May 27 Corn  closed at $5.18 1/2, down 5 1/4 cents,

New Crop Cash  was $4.62 1/1, down 3 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.