Corn futures slipped lower into the Friday close, failing to hold the midday gains. Contracts were fractionally to 2 cents lower across most contracts, as December was 2 ¼ cents lower on the week. The CmdtyView national average Cash Corn price was down 2 at $3.73 ¼.
Export Sales data from this morning showed net reductions of 280,943 MT for old crop, a MY low, but normal for the last full week of the marketing year. New crop business was tallied at 2.117 MMT, which was 1.3% above last week and 16.2% above the same week last year. The largest buyer during that week was Mexico at 511,800 MT, with 478,700 MT purchased by Columbian buyers, and 320,500 MT sold to unknown.
The CFTC Commitment of Traders report showed spec traders trimming 19,199 contracts from their net short position in corn futures and options as of September 2nd. By Tuesday, their net short stood at 91,487 contracts.
The US/Japan trade deal was finalized on Thursday afternoon, with the White House stating Japan will increase “purchases of United States agricultural goods, including corn, soybeans, bioethanol (including for sustainable aviation fuel), as well as other United States products, in amounts totaling $8 billion per year.” For reference, Japan’s annual buying of those three specific good totaled $2.5 to $4.8 billion over the last 5 years.
Sep 25 Corn closed at $3.99, down 3/4 cent,
Nearby Cash was $3.73 1/4, down 2 cents,
Dec 25 Corn closed at $4.18, down 1 3/4 cents,
Mar 26 Corn closed at $4.36 1/2, down 1 cent,
New Crop Cash was $3.73 1/8, down 2 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.
