Corn futures closed on Tuesday with slight gains, as the nearby Cash Corn price rose by ½ cent to $4.03. The USDA’s Export Sales report for the week ending December 11 revealed corn exports of 1.74 million metric tons (MMT), exceeding analysts’ estimates of 0.9-1.8 MMT, and marking a 17.9% increase from the previous week and 48.5% from the same period last year. Following these updates, the markets will close early on Wednesday and remain closed on Thursday for Christmas, reopening on Friday at 8:30 AM CST.
Additionally, the CFTC’s Commitment of Traders report indicated that speculators flipped back to a net long position of 52,672 contracts in corn futures and options, a significant change from previous shorts. Both the March 26 and May 26 corn contracts closed at $4.47 ½ and $4.55 ½, respectively, each rising by ½ cent and 1 cent.
