Corn Futures Hold Gains as CFTC Reports Historic Short Position Surge

Corn futures maintained upward momentum on Friday, rising 1¼ cents to close at $4.12¼. July contracts fell 4¾ cents, while December decreased 5¾ cents. The CmdtyView national average cash corn price rose 1¼ cents to $3.81. Export commitments stood at 82.767 MMT, aligning with 98% of USDA projections, though shipments at 64.5 MMT lagged slightly behind the 78% average pace. New crop business reached 4.124 MMT, marking a 31.6% increase compared to last year.

CFTC data revealed a record shift to short positions, with managed money increasing short commitments by 210,829 contracts over two weeks—the largest such movement since 2006. This resulted in a net short position of 5,325 contracts, up from 120,407 contracts the prior week. New short entries totaled 92,863 contracts, far outpacing long liquidations of 27,544 contracts.

Weather forecasts from NOAA indicate mixed rainfall across the Midwest, with 1.5 to 4 inches expected in Missouri to Ohio and 1 to 2 inches in parts of Iowa and Wisconsin. The western Midwest and northern Plains west of the Missouri River may see minimal or no precipitation.

Nearby cash corn traded at $3.81¼, up 1¼ cents. September futures closed at $4.20¾, up three-quarters of a cent, and December contracts rose to $4.40¼, also up three-quarters of a cent. New crop cash prices climbed to $3.95¼, an increase of 1¼ cents.

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