Corn Market Declines as July Contract Loses Gains
Corn contracts faced downward pressure on Friday, dropping 2 to 4 cents. The July contract closed the week down 15.5 cents, while December fell by 12.25 cents. The national average Cash Corn price was $4.20 ¾, down 1.5 cents.
Private Export Sales and Market Data
The USDA reported a private export sale of 210,560 MT to unknown destinations, which includes 145,560 MT for the 2024/25 shipping season and 65,000 MT for 2025/26.
Morning Export Sales data revealed 916,712 MT sold for the 2024/25 season, which is below traders’ estimates of 750,000 to 1.4 million MT for the week of May 22. This figure represents a 7-week low but is 13.2% higher compared to last year. Japan emerged as the largest buyer at 214,400 MT, followed by Mexico with 201,500 MT and Colombia at 157,900 MT. New crop sales totaled 31,000 MT, towards the lower end of the expected range.
Commitment of Traders Report
The CFTC’s Friday afternoon Commitment of Traders report showed a reduction in the managed money net short position in corn futures and options, down by 2,450 contracts to 100,760 as of May 27. At the same time, the commercial net short position decreased by 22,231 contracts to 150,061.
Brazil’s Increased Corn Production Estimate
Brazil’s corn crop estimate from Safras & Mercado increased by 3.89 million MT to 139.03 million MT, driven by a 3.82 million MT boost in their second crop estimate. The USDA’s estimate stands at 130 million MT.
Closing Prices
Jul 25 Corn: closed at $4.44, down 3 cents.
Nearby Cash: $4.20 ¾, down 1.5 cents.
Sep 25 Corn: closed at $4.23 ¼, down 4 cents.
Dec 25 Corn: closed at $4.38 ½, down 2.75 cents.
New Crop Cash: $3.95 7/8, down 4.5 cents.
On the date of publication, Austin Schroeder had no positions in any securities mentioned. All information in this article is for informational purposes only. For more details, view the Barchart Disclosure Policy.
The views expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
