Corn finished the last session fractionally mixed to a penny and a quarter weaker. May futures were at a net weekly drop of 7 ¾ cents. December corn prices were 3/4 of a cent weaker at Friday’s close for a weekly finish of corn market is trading fractionally weaker to 1 ¾ cents in the red and is working near the session lows for midday. Futures were initially 3c higher earlier in the day.
Weekly CFTC data showed managed money funds were adding short corn positions and closing through the week that ended 4/2. That left the group 7.8k contracts more net short at 259.6k contracts. The commercials were closing short hedges and adding new longs for a net short of 23,319 contracts as of 4/2.
Monthly Census data confirmed Feb corn export shipments were 211.4 mbu which was a 25% increase over January and a 64% increase from Feb ’23.
May 24 Corn closed at $4.34 1/4, down 1 cent,
Nearby Cash was $4.15 1/2, down 1/2 cent,
Jul 24 Corn closed at $4.46 3/4, down 3/4 cent,
Dec 24 Corn closed at $4.72 1/2, down 3/4 cent,
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