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Corn futures end Friday mixed after pulling off early lows
Friday trading saw managed money add 49,518 contracts to net longs in corn futures and options, while export commitments reached 86.613 MMT, or 103% of the USDA projection.
Corn futures finished Friday mixed after a weak start, with the front months recovering more than 8 cents from their lows, according to Yahoo Finance citing Barchart.com. Deferred contracts fell as much as 1 1/4.
On the week, September corn was still up 19 1/2 cents, while December was 20 cents higher. The CmdtyView national average cash corn price rose 1/4 cent to $4.34.
Weather factors pointed to limited precipitation, with NOAA’s 7 day QPF showing less than 0.5 inches across much of the Corn Belt, with spotty exceptions in parts of Ohio and totals up to an inch in portions of Wisconsin and Minnesota.
Positioning and demand signals also supported the move. CFTC data showed managed money increased its net long by 49,518 contracts in the week of July 21, mainly on more short covering, bringing the net long to 92,909 contracts as of Tuesday, and Thursday’s Export Sales data put total corn commitments at 86.613 MMT, or 103% of the USDA export projection. New crop sales accumulated at 7.56 MMT, which was 12.5% ahead of the same period last year.
Latest closeCorn $487.25 ▲5.0%