Corn futures rallied into the Labor Day weekend with contracts up 10 to 12 ½ cents as some money flow gave the bulls a boost to end the month. December closed the week 8 /4 cents higher, helped by the Friday move. The CmdtyView national average Cash Corn price was up 17 1/4 cents at $3.84. The market will be closed on Monday due to the Labor Day holiday, with a normal open on Monday night for the Tuesday session.
Commitment of Traders data showed spec traders in corn futures and options cutting their large net short position by 33,964 contracts to 110,686 contracts as of Tuesday. Much of that came via short covering, with the number of shorts down 21,103 contracts. Commercials increased their net short position by 29,494 contracts to 87,239 contracts as of August 26th.
USDA Export Sales data has old crop corn commitments at 70.475 MMT, which is 98% of the full year export forecast, and lags the 103% average sales pace. New crop business is at 18.775 MMT, which is the second largest for the current week on record behind 2021/22.
Sep 25 Corn closed at $3.98, up 12 1/2 cents,
Nearby Cash was $3.84, up 17 3/4 cents,
Dec 25 Corn closed at $4.20 1/4, up 10 1/4 cents,
Mar 26 Corn closed at $4.37 3/4, up 10 1/4 cents,
New Crop Cash was $3.79 1/8, up 15 cents,
