Corn futures saw modest gains on Friday, with July contracts rising 7.5 cents this week to close at $4.63 1/4. The CmdtyView national average cash corn price increased to $4.23 1/2. Notably, the CBoT will be closed on Monday for Memorial Day, resuming normal operations on Tuesday. Recent private export sales included 493,700 MT to Mexico and 110,000 MT to an undisclosed buyer, indicating strong demand.
The latest CFTC data revealed that managed money reduced their net long position in corn futures by 6,129 contracts, bringing the total to 293,354. Meanwhile, USDA’s export sales data showed corn exports for the 2025/26 marketing year at 79.873 MMT, significantly above last year’s pace, aligning closely with USDA projections.
Market professionals should note the ongoing demand dynamics and export figures, which could support corn prices in the near term despite the recent reduction in speculative long positions.
Source: nasdaq.com