Corn futures posted gains of 3 ¾ to 8 ¼ cents across the board on Friday, as May managed a 12 cent gain on the week and December up 15. Crude oil futures continued the rally and spillover support into Friday, up $10.22 as President Trump indicated the strikes would continue until an ‘unconditional surrender by Iran. Iran, in the meantime, has continued threats of US ships crossing the Strait of Hormuz. The CmdtyView national average Cash Corn price was up 6 1/2 cents to $4.18 1/4.
Export Sales data shows total corn export commitments at 64.982 MMT, which is now 78% of the USDA export projection, matching the average sales pace. Actual exports are 40.024 MMT according to FAS data, 48% of USDA’s number and ahead of the 40% average shipping pace.
Commitment of Traders data from this afternoon showed spec funds flipping to a net long position in corn futures and options to 52,974 contracts. That was a net move of 66, 841 contracts on the week to the long side and is the largest net long in corn since last April.
Mar 26 Corn closed at $4.47, up 5 1/2 cents,
Nearby Cash was $4.18 1/4, up 6 1/2 cents,
May 26 Corn closed at $4.60 1/2, up 7 cents,
Jul 26 Corn closed at $4.71, up 8 1/4 cents,
