Corn Market News and Commentary

Corn futures ended the Friday session with most contracts steady to 1/2 cent higher, as Dec expired at $3.76 3/4. USDA reported a private export sale of 125,000 MT of corn to Japan this morning. Corn export commitments through December 6 were 16.3% larger than last year. Export Commitments are now 44% of the USDA projection, with the normal pace running 49%. CFTC’s weekly Commitments of Traders report indicated that money managers in corn futures and options held a net long position of 98,617 contracts as of Tuesday, a move of +44,872 contract on the week. Argentina’s corn crop is estimated at 46.7% planted, lagging the 53.8% average pace according to the Buenos Aires Grains Exchange. Trade rumors this morning suggested China may turn to US corn purchases after the first of the year (reports were ~3MMT).

Dec 18 Corn closed at $3.76 3/4, up 1 1/4 cents,

Mar 19 Corn closed at $3.84 3/4, up 1/2 cent,

May 19 Corn closed at $3.92 1/4, up 1/2 cent

Jul 19 Corn closed at $3.98 3/4, up 1/2 cent




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