Corn futures experienced gains on Friday, closing 10-15 cents higher. December contracts finished at $5.28 1/4, marking a ¾ cent weekly increase. The national average cash corn price rose by 1 cent to $4.84, while managed money reduced its net long position in corn futures to 414,437 contracts as of September 22, a decrease of 12,405 contracts.
Export commitments for corn reached 18.238 million metric tons, reflecting a 29% decrease compared to the previous year, with current sales at 22% of the USDA’s projection. Heavy rainfall is anticipated next week, with 1 to 4 inches expected from Texas to the Great Lakes.
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