Corn Sep '24 (ZCU24)

Corn futures posted 5 to 6 ½ cent gains across most contracts on Friday, as the late week strength took the weekly gain to 5 ¾ cents. This morning’s Export Sales report showed international buyers taking advantage of last week’s price break. The CmdtyView national average Cash Corn price was up 6 3/4 cents at $3.93 1/2. 

USDA’s Export Sales report from this morning showed corn bookings at the largest since March 2021 at 4.01 MMT in the week of January 15. Excluding China purchases and bunched week sales from previous government shutdowns, that was the largest week of sales since 1991. Sales were more than double the same week last year. The largest buyer was unknown destinations at 1.242 MMT, with 836,700 MT to Japan, 751,500 MT to South Korea, and 422,600 MT to Mexico. Sorghum sales totaled 526,800 MT.

Managed money trimmed their net short position in corn futures and options by just 450 contracts in the week that ended on January 20. That net short was 81,324 contracts... Read more