Corn Market Sees Gains Amid Lower Dollar and Export Updates
The corn market experienced a rally on Friday, with contracts increasing between 7 to 10 cents as front-month prices approached $5. This week, May corn rose by 30 cents, while December corn climbed 16 ¾ cents higher. The CmdtyView national average Cash Corn price for the front month increased by 7 1/4 cents to $4.62 3/4. The substantial decline in the US dollar index, now below $100, provided additional market support.
Recent CFTC data indicates that speculators have reduced their net long positions in corn futures and options by 3,181 contracts for the week ending April 8, bringing the total down to 53,576 contracts. This reduction appears driven by a rise in short positions. Meanwhile, commercials have decreased their net short position by 4,933 contracts, now totaling 331,811 contracts.
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Export sales data released on Thursday indicates total corn export commitments have reached 55.019 million metric tons (MMT). This volume represents 85% of the USDA’s new export projection of 2.55 billion bushels. While this figure trails the five-year average pace, it exceeds the 81% commitment level recorded last year. Actual shipments are at 56% of the new export projection, ahead of the 53% average pace.
May 25 Corn closed at $4.90 1/4, up 7 1/4 cents.
Nearby Cash was $4.62 3/4, up 7 1/4 cents.
Jul 25 Corn closed at $4.97, up 8 1/4 cents.
Dec 25 Corn closed at $4.63 1/2, up 9 1/4 cents.
New Crop Cash was $4.28 1/2, up 9 1/4 cents.
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 are intended solely for informational purposes. For more information, please view the Barchart Disclosure Policy
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