Corn futures settled 2 to 7 ¼ cents higher on Friday, with new crop December seeing the biggest bounce. With that Friday pop, December gained a net 5 ¼ cents per bushel for the week. Traders were building in a little weather risk premium as forecasts call for much above normal temps in the Corn Belt for the balance of August, with limited rain potential.
USDA reported an export sale of 112,000 MT to Mexico for the new crop marketing year this morning under the daily system. This comes less than a day after the USTR filed a dispute under the USMCA agreement in regards to Mexico’s GMO import ban.
This afternoon’s Commitment of Traders report showed the large spec funds adding to their managed money net short by 45,924 contracts in the week ending August 15. That left them 72,580 net short going home on Tuesday.
Following USDA’s Export Sales release on Thursday, total export commitments for old crop are now 98% of the USDA forecast, lagging the 103% average for this week. Accumulated shipments are 92% complete vs. the 96% normal pace.
Sep 23 Corn closed at $4.79 1/2, up 6 1/2 cents,
Nearby Cash was $5.18 1/1, up 6 1/2 cents,
Dec 23 Corn closed at $4.93, up 7 1/4 cents,
Mar 24 Corn closed at $5.06 1/2, up 6 3/4 cents,
On the date of publication, Alan Brugler 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.
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