Corn futures closed the Friday session with contracts falling 7 to 11 ¾ vents as July ended the week with losses of 15 ½ cents. December was12 ½ cents lower. The CmdtyView national average Cash Corn price was down 11 cents to $4.16 3/4.
The weekly CFTC update from Friday showed managed money paring back their net long by 44,442 contracts in the week ending on 5/12. That took their net long position in corn futures and options to 299,483 contracts.
Export Sales data showed total corn commitments at 77.748 MMT as of May 7 after last week’s disappointing number. That is still a 25% increase yr/yr and is now 93% of the USDA forecast compared to the 95% average sales pace. Export shipments are 55.8 MMT, which is 69% of that number and running ahead of the 66% average pace. US FOB prices are still competitive on the world market, though a larger Argentina crop is cutting into that.
South Korean importers purchased a total of 191,000 MT of corn in separate tenders overnight, with most optional origin.
Sep 26 Corn closed at $4.63, down 11 1/4 cents,
Nearby Cash was $4.15 1/4, down 11 1/2 cents,
Dec 26 Corn closed at $4.81, down 10 1/4 cents,
Mar 27 Corn closed at $4.95 1/2, down 9 1/4 cents,
New Crop Cash was $4.33 5/8, down 10 3/4 cents,
