Corn Closes Higher on Spillover Support from Wheat
Corn was on the receiving end of spillover support from the wheat market on Friday, as futures were up fractionally to 3 cents higher. March was up 8 ¾ cents on the week. CmdtyView’s national average Cash Corn price was up 2 3/4 cents at $4.63 1/2. The markets will be closed on Monday for President’s Day, with a normal open for the Tuesday session.
USDA reported a private export sale of 100,000 MT of 2024/25 corn to Columbia this morning.
CFTC data via the Commitment of Traders report showed specs cutting 31,828 contracts from their net long position in corn futures and options as of Tuesday. They took that net position to 332,389 contracts.
Mar 25 Corn closed at $4.96 1/4, up 2 3/4 cents,
Nearby Cash was $4.63 1/2, up 2 3/4 cents,
May 25 Corn closed at $5.08 3/4, up 2 3/4 cents,
Dec 25 Corn closed at $4.73, up 1/4 cent,
New Crop Cash was $4.41 1/4, up 1/2 cent,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.