Corn Closes at the Highest Price in Nearly a Year

Corn futures ended the Friday session with the nearby contracts 10 to 14 1/2 cents higher. The front month continuation chart broke $4 for the first time since last May. July was up another 5.48% this week. Weather forecasts continue to show rains for much of the Midwest into next week. USDA reported a private export sale of 113,000 MT of corn for 18/19 delivery to Mexico this morning. Spec funds bailed out of their net short position at the fastest weekly pace on record, slashing 166,189 contracts from their net short position as of Tuesday to take it to -116,729 contracts. As of last Thursday, USDA showed corn exports at 65% of their full year projection, just 1% behind normal. Total commitments, however, are 12% back of the 5-year average at 81% of the USDA projection, as unshipped sales are lagging.

Jul 19 Corn closed at $4.04 1/4, up 14 1/2 cents,

Sep 19 Corn closed at $4.12 1/2, up 14 cents,

Dec 19 Corn closed at $4.19 3/4, up 11 3/4 cents

Mar 20 Corn closed at $4.29 1/4, up 10 cents

--provided by Brugler Marketing & Management




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