Corn futures showed strength on Friday, with contracts gaining 2¾ to 6½ cents. September futures increased by 24¾ cents, and December futures rose 25¼ cents. The CmdtyView national average cash corn price rose to $4.52½, reflecting a 5-cent gain.
USDA reported 205,000 metric tons of corn sold to unknown destinations this morning.
Pro Farmer estimates the U.S. national corn yield at 173.2 bushels per acre, with production at 15.344 billion bushels.
CFTC data showed managed money speculators held a net long position of 250,505 corn futures and options contracts by August 18, up 83,735 contracts from the previous week due to new positions and short covering.
USDA export sales data showed old crop corn commitments at 87.74 million metric tons, 24% above last year’s level and matching projections. New crop commitments are 11.391 million metric tons, lagging last year by 21.7% and ranking fourth in forward bookings since 2000.
September 26 corn closed at $4.83¾, up 5 cents. Nearby cash corn was $4.55, up 5 cents. December 26 corn closed at $5.08½, up 5 cents. March 27 corn closed at $5.23½, up 5¼ cents. New crop cash corn was $4.59¾, up 5 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.
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