Corn Slips as the Weekend Approaches

Corn Market Update: Weekly Performance and Key Data

On Friday, corn futures experienced declines of 4 to 5 cents for most contracts, although the March contract managed a 2-cent gain over the week. The CmdtyView national average cash corn price slipped by 5 cents to $3.97 3/4. For February, the average closing price for December futures stood at $4.58, which is lower than last year's $4.70 average.

According to the latest Export Sales figures, total corn export commitments have reached 58.735 million metric tons, marking a 31% increase compared to this time last year. This amount represents 72% of the USDA’s annual export forecast, slightly ahead of the typical 71% pace.

Related News from Barchart

The USDA’s next WASDE report is scheduled for release on Tuesday. Market participants are not expecting significant adjustments to the U.S. ending stocks figure, with the average estimate from a Bloomberg survey at 2.215 billion bushels.

Data from the CFTC for the week ending February 3 revealed that speculators reduced their net short positions in corn futures and options by 3,464 contracts, bringing the net short total to 68,786 contracts.

Statistics Canada reported this morning that corn inventories as of December 31 were 10.95 million metric tons, reflecting a 3.3% decrease from the previous year.

Recent Corn Closing Prices

• March 26 Corn settled at $4.30 1/4, down 4 3/4 cents
• Nearby Cash price was $3.97 3/4, down 5 cents
• May 26 Corn ended at $4.38 3/4, down 4 1/4 cents
• July 26 Corn closed at $4.45 1/4, down 4 cents