Corn futures experienced gains of 5 to 6.5 cents on Friday, marking a weekly increase of 5.75 cents. The CmdtyView national average cash corn price rose by 6.75 cents to $3.93. The USDA’s Export Sales report revealed corn bookings of 4.01 million metric tons for the week ending January 15, the highest since March 2021 and the largest weekly sales since 1991, more than doubling last year’s figures. Notable buyers included unknown destinations (1.242 MMT), Japan (836,700 MT), South Korea (751,500 MT), and Mexico (422,600 MT).
Additionally, managed money reduced their net short position in corn futures and options by 450 contracts, bringing the total to 81,324 contracts as of January 20. For specific contracts, March corn closed at $4.30.5, May corn at $4.38, and July corn at $4.43.75.
