Corn Posts 9% Gain This Week

Corn futures ended the Friday session with the front months firm to 4 1/4 cents higher. Nearby July was up a strong 8.96% this week. The buying was tied to slow planting progress and the potential impacts on either final acreage or yield. As of May 14, the managed money net short position in corn futures and options was still at 282,918 contracts according to CFTC data. US exports as of May 9 are 63% of the USDA projection for 18/19, matching the average pace. The total commitments, however, are just 80% of that projection vs the 92% average, as unshipped sales are lagging. A total of 138,000 MT of corn was bought in separate South Korean tenders on Friday, with US and South America listed as optional origins.

Jul 19 Corn closed at $3.83 1/4, up 4 1/4 cents,

Sep 19 Corn closed at $3.90 1/2, up 3 1/2 cents,

Dec 19 Corn closed at $3.98 1/4, up 1 3/4 cents

Mar 20 Corn closed at $4.07 3/4, up 1 1/4 cents

--provided by Brugler Marketing & Management




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