Corn futures posted 2 to 9 cent losses across the board on Friday with money coming out at month-end. July fell 16 ½ cents this week. Crude Oil was a pressure factor, down $1.14/bbl, money was flowing out ahead of the weekend, with the President looking over the proposed agreement between the US and Iran. The CmdtyView national average Cash Corn price was down 9 1/2 cents to $4.07 ½.
USDA Export Sales data from this morning showed 1.015 MMT of corn sold for 2025/26 in the week of May 21. That was down 52.2% from last week but still 10.8% above the same week last year. Mexico was the top buyer of 435,900 MT, with 251,500 MT sold to Colombia and 118,300 MT to Japan. New crop business was tallied at a marketing year high of 618,594 MT. the bulk of that was to Mexico at 249,900 MT and unknown destinations at 197,500 MT. Accumulated new crop business is now 2.953 MMT, down just 1.6% from the same period last year.
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CFTC data from Friday afternoon showed managed money slashing 87,850 contracts from their net long position in corn futures & options in the week that ended on May 26. That took the net long to 205,504 contracts as of Tuesday.
Jul 26 Corn closed at $4.46 3/4, down 9 cents,
Nearby Cash was $4.07 1/2, down 9 1/2 cents,
Sep 26 Corn closed at $4.55 3/4, down 8 1/2 cents,
Dec 26 Corn closed at $4.75, down 7 1/4 cents,
New Crop Cash was $4.26 3/4, down 8 3/4 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.