Corn Market Update: Minor Losses Despite Weekly Gains
On Friday, the corn market experienced slight losses, with prices falling by fractions of a cent up to 1 ¼ cents. However, the December contract managed a weekly gain of 1 ½ cents. Today marked the expiration of December options, while first notice day is set for next Friday. According to cmdtyView, the national average cash corn price decreased by 1 ¼ cents, resting at $4.02 1/4 per bushel.
Market Pressures and Economic Indicators
The market faced additional pressure due to significant midday losses in wheat, coupled with the U.S. dollar index reaching its highest level since November 2022.
Traders’ Positions and Export Data
The latest Commitment of Traders report from CFTC revealed that managed money speculators in corn increased their net long positions by 4,639 contracts as of November 19, bringing their total to 114,628 contracts. In contrast, commercial traders added 1,337 contracts to their net short position, increasing it to 321,974 contracts.
Export sales figures indicate that total corn shipments have reached 9.327 million metric tons (MMT), which is 31% higher compared to last year and represents 16% of the USDA export projection. This figure is notable when compared to the typical 13% pace for this time in the marketing year. Year-over-year, total commitments climbed 39% to 31.396 MMT, accounting for 53% of the USDA’s annual estimate and exceeding the average pace by 7%.
Closing Prices Summary
Here’s a summary of the closing prices:
- December 2024 Corn closed at $4.25 1/2, down 1 1/4 cents.
- Nearby Cash was $4.02 1/4, down 1 1/4 cents.
- March 2025 Corn closed at $4.35 1/4, down 1 cent.
- May 2025 Corn closed at $4.42 1/2, down 3/4 cent.
On the date of publication, Austin Schroeder did not have (either directly or indirectly) 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 here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
