Corn futures closed on May 26, 2023, with contracts increasing by 3 to 4.5 cents, although July futures fell 9 cents on the week, and December futures dropped 5.5 cents. The national average cash corn price rose by 3.75 cents to $4.30.
The latest CFTC report showed managed money increasing their net long position in corn futures by 79,822 contracts to 343,925, while commercials boosted their net short position by 108,804 contracts to 663,170. USDA’s export commitments for corn were reported at 77.063 million metric tons (MMT), reflecting a 28% year-over-year increase, and the total shipments reached 56.14 MMT, which is 29% ahead of the previous year.
Additionally, a South Korean importer bought 136,000 MT of corn, and Brazil’s corn crop estimates were adjusted down to 140.11 MMT. The upcoming May WASDE report is anticipated to provide updated estimates on old crop corn stocks at 2.13 billion bushels.
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