Corn Market Declines as March Expires; Export Sales Reported
The corn market closed on Friday with front-month contracts declining by 6 to 8 cents as March expiration occurred. May futures dropped 10 ¾ cents over the week, while the new crop December contract fell by 3 ¼ cents on Friday, marking a 4-cent pullback for the week. The CmdtyView national average cash corn price decreased by 6 ¾ cents, settling at $4.20.
This morning, the USDA reported private export sales of 218,604 metric tons of corn to an unknown destination during the recent reporting period.
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According to the weekly CFTC report, speculators in corn futures and options have further reduced their net long position by 73,211 contracts as of March 11. This action lowered their net long to 146,541 contracts, reflecting a reduction of 190,913 contracts over the previous two-week period. Conversely, commercial traders eased off a large net short position, reducing it by 77,711 contracts due to increased commercial long positions.
Additionally, South Korean importers made more purchases overnight, acquiring a total of 207,000 metric tons from two different importers.
Mar 25 Corn closed at $4.45 ½, down 8 cents.
Nearby Cash was at $4.20, down 6 ¾ cents.
May 25 Corn settled at $4.58 ½, down 6 ¾ cents.
Dec 25 Corn ended at $4.51, down 1 ¼ cents.
New Crop Cash was priced at $4.14, down 1 ½ cents.
On the date of publication, Austin Schroeder did not have any positions in the securities mentioned in this article, either directly or indirectly. All information and data provided are for informational purposes only. For further details, please check the Barchart Disclosure Policy here.
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