Corn futures settled the Friday session with contracts up 6 to 7 cents in most front months. May futures ended the week with a slight 1 ¼ cent gain, as December was down ½ cent.
Safras & Mercado trimmed their Brazilian corn crop estimate by 0.27 MMT to 125.86 MMT. That is more in line with the current USDA projection at 124 MMT and well above the CONAB estimate of 110.97 MMT. The Buenos Aires Grain Exchange dropped their Argentine number by 2.5 MMT to 49.5 MMT on Thursday afternoon.
The large managed money spec funds in corn added 3,998 contracts to their net short position as of April 9, taking the position to 263,554 contracts. Durin that week, commercials trimmed 2,548 contracts from their small net short, at 20,771 contracts as of Tuesday.
May 24 Corn closed at $4.35 1/2, up 6 3/4 cents,
Nearby Cash was $4.17 1/8, up 7 cents,
Jul 24 Corn closed at $4.47 1/4, up 6 1/4 cents,
Dec 24 Corn closed at $4.72, up 6 cents,
New Crop Cash was $4.35 5/8, up 6 cents,
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