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Corn futures declined on Friday, with contracts dropping by 3 ½ to 4 ¼ cents. The May contract fell by 1 ¾ cents this week, closing at $4.65 1/2. The CmdtyView national average cash corn price decreased 4 cents to $4.23 3/4.
According to the CFTC Commitment of Traders report, managed money added 35,533 contracts to their net long position in corn futures and options, bringing the total to 228,804 contracts. Conversely, commercial traders expanded their net short position to 522,116 contracts, increasing by 44,702 contracts.
Export sales data indicated that the marketing year corn export commitments reached 67.658 million metric tons, representing a 30% increase compared to the same period last year and constituting 81% of the USDA’s export projection.
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