The corn market posted Friday weakness of 3 to 4 cent, as March was still up 2 ¼ cents on the week. The national average Cash Corn price from cmdtyView was down 3 1/4 cents at $4.51 1/4.
Commitment of Traders data from CFTC showed managed money spec funds in corn futures and options adding 19,450 contracts to their net long position as of 1/21 to 311,678 contracts.
Export Sales for 2024/25 corn totaled 1.66 MMT in the week ending on January 16, on the top end of the 0.7 and 1.7 MMT estimates. That was the largest in 4 weeks and up 62.2 % from the week prior. South Korea was the largest buyer of 462,100 MT, with 277,500 MT sold to Taiwan. The 2025/26 corn bookings totaled 9,243 MT, coming in between the 0 and 50,000 MT expectations. That was spilt between Mexico and Japan.
Argentina is cutting their corn export tax from 12% to 9.5% starting on January 26.
Mar 25 Corn closed at $4.86 1/2, down 3 1/4 cents,
Nearby Cash was $4.51 1/4, down 3 1/4 cents,
May 25 Corn closed at $4.96 1/2, down 2 3/4 cents,
Dec 25 Corn closed at $4.61, down 3 1/4 cents,
New Crop Cash was $4.32 5/8, down 3 1/4 cents,
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.