Corn Market Closes Mixed Amid Export Developments
The corn market concluded trading on Friday with mixed results. Nearby contracts increased by 1 ½ cents, while the new crop December contract slipped by ¾ cent. Over the week, May corn saw a decline of 3 ½ cents. The CmdtyView national average Cash Corn price rose by 1 ½ cents to settle at $4.52 ¾.
Export Activities and Market Commitments
On Friday, the USDA announced a private export sale of 235,000 metric tons (MT) of corn to Mexico. The deal includes 130,000 MT designated for the 2024/25 crop year and 105,000 MT for 2025/26.
CFTC Commitment of Traders data indicated that speculators reduced their net long positions by 11,768 contracts for the week ending April 22. This adjustment left them with a net long position of 112,805 contracts by Tuesday.
Moreover, reports suggest that Japan is considering increasing its imports of U.S. corn amid ongoing trade negotiations. The country typically sources about 60-70% of its corn from the U.S., making it the second-largest buyer of U.S. corn this year at 10.09 MMT.
Export Sales Data
According to recent figures, total corn commitments have reached 57.734 MMT, which is 26% higher than this time last year. Currently, this accounts for 89% of the USDA’s export projection, slightly behind the average export sales pace of 92%.
Corn Prices
- May 25 Corn: Closed at $4.78 ¾, up 1 ½ cents.
- Nearby Cash: $4.52 ¾, up 1 ½ cents.
- Jul 25 Corn: Closed at $4.85 ½, up 1 ½ cents.
- Dec 25 Corn: Closed at $4.55 ¾, down ¾ cent.
- New Crop Cash: $4.18 ⅜, down 1 ¾ cents.
On the date of publication, Austin Schroeder had no positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information, please view the Barchart Disclosure Policy.
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
