Corn futures closed on Friday, with contracts declining between 1 ¼ to 3 ¾ cents. The May contract settled at $4.41, marking an 11 ¼ cent loss for the week, while December futures fell 9 cents to $4.72 ¼. The national average cash corn price decreased by 2 cents to $4.02 ½.
On the same day, the USDA reported a private export sale of 126,640 metric tons of corn to unknown destinations. Export sales data revealed total commitments of 71.387 million metric tons, which is 30% above last year and 85% of the USDA’s estimate.
Additionally, the Commitment of Traders report indicated a reduction of 49,342 contracts from managed money’s net long position, bringing the total to 218,632 contracts as of April 7. Corn shipments have reached 48.96 million metric tons, reflecting a 34% year-over-year increase and exceeding 58% of the USDA forecast.
