On Friday, September 26, corn futures rose significantly, with contracts increasing between 5 to 11.25 cents. September corn closed at $4.59, while December corn settled at $4.83 ¼. For the week, September corn rallied 20 cents and December corn gained 21.25 cents. The CmdtyView national average cash corn price rose by 11.75 cents to $4.30, partly driven by a wheat-led rally amid escalating tensions in the Black Sea region.
According to the latest CFTC data as of August 11, managed money speculators reduced their net long positions in corn futures and options by 15,176 contracts, totaling a net long of 166,770 contracts. Export sales data indicates that old crop corn sales reached 87.503 million metric tons, exceeding the USDA projections and reflecting 95% of its export target, although new crop corn sales are down by 23.5% compared to the same period last year, at 10.575 million metric tons.
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