Corn futures posted Friday losses of 4 to 5 cents across most contracts on Friday. March was still up 2 cents this week. The CmdtyView national average Cash Corn price was down 5 cents at $3.97 3/4. The average close for December futures in February has been $4.58, down from last year at $4.70.
Export Sales data shows total corn export commitments at 58.735 MMT, which is 31% above the same period last year. That is now 72% of USDA’s export projection and ahead of the 71% average pace.
USDA’s WASDE will be out next Tuesday, with traders looking for no major changes to the US ending stocks number, with an average trade guess of 2.215 bbu according to a Bloomberg survey.
CFTC data showed a total of 3,464 contracts trimmed from the spec net short position in corn futures and options in the week of February 3. That net short stood at 68,786 contracts on that date.
StatsCanada data from this morning showed corn stocks at 10.95 MMT as of December 31, down 3.3% from the year prior.
Mar 26 Corn closed at $4.30 1/4, down 4 3/4 cents,
Nearby Cash was $3.97 3/4, down 5 cents,
May 26 Corn closed at $4.38 3/4, down 4 1/4 cents,
Jul 26 Corn closed at $4.45 1/4, down 4 cents,
