The corn market was on the receiving end of a pre-weekend bounce on Friday, as contracts closed with 2 ½ to 5 cent gains across the board. December slipped 1.62% since last Friday. The national average Cash Corn price from cmdtyView was up 5 1/2 cents at $4.00 ¾ per bu.
Export Sales data from this morning indicated corn sales totaling 1.315 MMT, which was a 5-week low and on the low end of the 2024/25 estimates of 1.25 to 2.6 MMT. Unknown destinations was the largest buyer of 603,500 MT, with Mexico purchasing 167,600 MT.
CFTC data showed large amount of spec corn shorts covering in the week of 11/12, with the managed money net long now at 109,989 contracts. That was an increase of 87,946 contracts, with 71,311 of that via shorts exiting. Commercials were adding 77,688 contracts to their net short as of Tuesday at 320,637 contracts. That was the largest net short for commercials since February 2023.
Dec 24 Corn closed at $4.24, up 5 cents,
Nearby Cash was $4.00 3/4, up 5 1/2 cents,
Mar 25 Corn closed at $4.35 1/4, up 4 1/2 cents,
May 25 Corn closed at $4.42 3/4, up 4 1/2 cents,
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