Corn Pit Dec '08 (CZ08)
Corn (Pit) Futures Market News and Commentary
Corn futures closed the Friday session with contracts falling 7 to 11 ¾ vents as July ended the week with losses of 15 ½ cents. December was12 ½ cents lower. The CmdtyView national average Cash Corn price was down 11 cents to $4.16 3/4.Â
The weekly CFTC update from Friday showed managed money paring back their net long by 44,442 contracts in the week ending on 5/12. That took their net long position in corn futures and options to 299,483 contracts.
Export Sales data showed total corn commitments at 77.748 MMT as of May 7 after last week’s disappointing number. That is still a 25% increase yr/yr and is now 93% of the USDA forecast compared to the 95% average sales pace. Export shipments are 55.8 MMT, which is 69% of that number and running ahead of the 66% average pace. US FOB prices are still competitive on the world market, though a larger Argentina crop is cutting into that.Â
South Korean importers purchased a total of 191,000 MT of corn in separate tenders overn... Read more
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