Corn futures found strength throughout the Friday session, as contracts closed 10-15 cents off the early lows and steady to a penny higher. December managed to post a ¾ cent gain on the week. The CmdtyView national average Cash Corn price was up 1 cent at $4.84.
Limited information was released on Friday over what was discussed between US and Chinese leaders this week. Reports on Friday indicated USTR Greer was looking for details to be released on Monday.
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Heavy rains continue to show up in the forecast for the next week according to NOAA, with 1 to upwards of 4 inches expected from TX to the Great Lakes, and NE to IN. Ohio and a line east of the Ohio river are expected to see lower totals.
Commitment of Traders data from CFTC showed managed money trimming back 12,405 contracts to their net long position in corn futures and options. As of September 22 their net long position was 414,437 contracts.
Export Sales data from Thursday took total corn export commitments to 18.238 MMT, a decline of 29% from a year ago. That was still 22% of the USDA projection and behind the 29% average sales pace.
Dec 26 Corn closed at $5.28 1/4, up 3/4 cent,
Nearby Cash was $4.84 1/1, up 1 cents,
Mar 27 Corn closed at $5.42, up 1/2 cent,
May 27 Corn closed at $5.48 3/4, up 1/2 cent,
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 is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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