Corn Slips Lower on Friday with Spillover Pressure

Corn futures closed out the Friday session with contracts down fractionally to 2 ½ cents across the board. December was down 11 cents (2.65%) on the week. The national average Cash Corn price from cmdtyView was down 1 1/2 cents at $3.73 1/4 per bu. 

USDA reported a private export sale of 125,000 MT of corn to unknown destinations earlier this morning. 

USDA’s weekly Export Sales report showed 2.226 MMT in 2024/25 corn bookings in the week that ended on October 10. That was 82.1% above the previous week and above the 1.2 to 2.2 MMT estimates. The largest buyer was unknown destinations of 902,900 MT in that week, with Japan buying 452,700 MT and Columbia in for 244,500 MT. 

The weekly Commitment of Traders report showed spec funds back to building their net short position by 63,259 contracts in the week that ended on October 15. That took their net short to 86,988 contracts by Tuesday. Commercials were busy adding longs, likely via user hedging, with their net short back down 59,574 contracts to 133,036 contracts.

Dec 24 Corn is at $4.04 3/4, down 2 cents,

Nearby Cash is at $3.73 1/4, down 1 1/2 cents,

Mar 25 Corn is at $4.19, down 2 1/4 cents,

May 25 Corn is at $4.26 1/2, down 2 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 is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.