Corn futures experienced gains with May contracts closing up 4.75 cents at $4.67 1/4 on Friday, contributing to a weekly increase of 6.75 cents. The CmdtyView national average Cash Corn price also rose by 4.75 cents, settling at $4.24 1/4. The weekly Commitment of Traders report from the CFTC revealed that as of March 10, 140,297 futures and options contracts were added to the spec fund net long position, marking the largest bull move since May 2019, bringing the total to 193,271 contracts.
Corn export commitments reached 66.513 million metric tons (MMT), up 32% year-over-year and accounting for 79% of the USDA’s export projection. Shipments have reached 41.74 MMT, representing 50% of USDA’s target and outpacing the average pace of 43%. Additionally, CONAB’s latest estimates indicate Brazil’s corn crop at 138.27 MMT, slightly down from last month.
Key closing prices include July corn at $4.78 1/4, up 4.25 cents, and September corn at $4.79 1/4, up 2.25 cents.
