Corn futures experienced notable gains on Friday, with May contracts rising 13 ¼ cents for the week and December futures increasing by 14 ½ cents. The CmdtyView national average cash corn price climbed to $4.39 ¾, reflecting a 7-cent daily increase. A private export sale of 148,240 MT of corn, reported by the USDA, signals strong demand, with commitments now totaling 75.7 MMT, a 29% rise year-over-year.
The uptick in corn prices is underscored by robust ethanol production, which saw a 10.2% month-over-month increase in March, totaling 474.4 million bushels. Managed money has also increased its net long position in corn futures, adding 79,697 contracts, while commercial producers have expanded their net short positions. This dynamic suggests a tightening market as export commitments approach USDA projections.
Market professionals should note the increasing demand and production figures, which may support further price stability and potential upward movement in corn futures as the growing season progresses.
Source: nasdaq.com