Weekly Corn Market Overview: Prices and Trader Positions

The corn market concluded Friday’s trading session with front month contracts increasing by 2 to 4 cents. However, December corn dropped by 1 ¼ cents. Over the week, May corn faced a decline of 11 cents, with December slipping 8 ½ cents. The CmdtyView national average cash corn price rose by 3 ½ cents, settling at $4.18 1/2.

Market Dynamics and Commitment of Traders Data

Recent Weekly Commitment of Traders data revealed that managed money has reduced their net long position in corn futures and options, cutting back by an additional 32,663 contracts in the week ending March 25. As of Tuesday, the net long stood at just 74,607 contracts. On the flip side, commercials were seen exiting shorts, resulting in a decrease of 55,755 contracts in net short positions, bringing the total to 369,005 contracts.

Export Sales and Upcoming Reports

Export Sales data indicates that total export commitments reached 53.06 million metric tons (MMT) as of March 20. This figure is 24% higher than the same time last year and represents 85% of the USDA’s export projection, though it is slightly behind the 86% average pace for this period.

Looking ahead, Grain Stocks data will be released on Monday. The trade anticipates 8.153 billion bushels (bbu) of corn on hand as of March 1, according to a Bloomberg survey. Furthermore, corn acreage is estimated to reach 94.4 million acres in anticipation of the upcoming Prospective Plantings report, with a forecast range of 92.5 to 96.6 million acres.

Additionally, South Korean importers secured 198,000 metric tons of corn in private deals on Friday.

Current Corn Prices

May 25 Corn closed at $4.53 1/4, reflecting an increase of 3 1/4 cents.

Nearby Cash was pegged at $4.20 1/2, up 3 1/2 cents.

Jul 25 Corn finished at $4.60, rising 2 cents.

Dec 25 Corn ended at $4.42 1/2, down 1 1/4 cents.

New Crop Cash was reported at $4.06 5/8, a decrease of 1 1/4 cents.

On the date of publication, Austin Schroeder did not hold positions, either directly or indirectly, in any of the securities mentioned in this article. All information and data shared herein are for informational purposes only. For more details, please view the Barchart Disclosure Policy here.

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