Corn Futures Decline as Managed Money Shifts Positions

Corn futures ended Friday lower, with contracts decreasing by 3 to 5 cents. For the week, July futures fell by 6 ¼ cents, while December contracts also dropped, declining 6 ½ cents. The front month CmdtyView national average Cash Corn price decreased by 4 ½ cents to $4.15 ½.

Market Position Shifts

The Commitment of Traders report released Friday by the CFTC indicated a significant shift in managed money positions. Speculative funds transitioned from a net long to a net short stance, now holding 84,976 contracts. This reflects a bearish move of 98,869 contracts during the week ending May 13.

Weather Impact and Planting Progress

Looking ahead, precipitation is expected to cover much of the Corn Belt over the next week. While some Eastern regions are experiencing delays in planting, the moisture is generally favorable for crops already in the ground.

Export Sales Data

Current export commitments stand at 62.088 MMT, accounting for 94% of the USDA’s revised export projection released Monday. Typically, export bookings reach 95% of the projection by this time in the year. Actual exports reported via FAS are at 45.015 MMT, which constitutes 68% of the USDA estimate and is slightly ahead of the average 66% pace.

Latest Price Movements

Jul 25 Corn closed at $4.43 1/2, a decrease of 5 cents.

Nearby Cash was recorded at $4.15 1/2, down 4 1/2 cents.

Sep 25 Corn settled at $4.21 1/2, down 3 1/2 cents.

Dec 25 Corn finished at $4.35 1/2, a decline of 3 1/4 cents.

New Crop Cash was at $3.93, down 3 cents.

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

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