Corn Backing Off Early Gains for Fractional Midday Losses
Corn futures are pulling back from the early gains on Friday, as contracts are fractionally lower in the nearbys. Contracts closed Thursday with 4 to 6 cent gains. Some of that was possibly short covering, with preliminary open interest down 12,249 contracts. September was a large part of that, down 31,563 contracts as the Goldman roll kicked off. The CmdtyView national average Cash Corn price is down 1/4 cent at $3.67 3/4.
USDA reported a private export sale of 125,000 MT of 2025/26 corn to unknown destinations this morning.
USDA’s Export Sales report from Thursday showed old crop corn commitments now at 70.621 MMT, which is 101% of the WASDE projection and 1 point back of the average pace. Accumulated export shipments are now 62.89 MMT, which is now 90% of the USDA number and lags behind the 93% average pace. Actual Census data is further ahead vs. the FAS data.
Ahead of the USDA Crop Production reports next week, analysts surveyed by Bloomberg shows an average guess of 184.3 bpa for national corn yield with a wide range of 181 to 189. Production is pegged at 15.995 billion bushels, which would be up 290 mbu from last month’s WASDE total.
Sep 25 Corn is at $3.84 1/4, down 1/4 cent,
Nearby Cash is at $3.67 3/4, down 1/4 cent,
Dec 25 Corn is at $4.07, unch,
Mar 26 Corn is at $4.24 1/4, down 1/4 cent,
New Crop Cash is at $3.64 1/4, down 3/4 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.