Corn Closes Lower on Friday Pullback

Corn futures were down 1 1/4 to 1 3/4 cents following the Thursday gains. Private exporters reported a large sale of 101,600 MT of 2019/20 corn to unknown this morning under the daily reporting system. That had little impact. USDA’s weekly Export Sales report showed 473,685 MT of corn bookings for the week ending 05/21. That came via 427,185 MT of old crop and 46,500 MT of new crop, both of which were below expectations. Corn exports from the same week were 1.06 MMT, which was down 16% wk/wk and down 38% yr/yr. The CFTC’s weekly update this afternoon showed as of May 26 corn spec traders were net short 276,203 contracts. That was 30,817 contracts more bearish than last week. It was also the largest net short position since April of last year’s record. Unwinding from that record took only 5 weeks and was accompanied by a 14.6% rally during the same time.

Jul 20 Corn closed at $3.25 3/4, down 1 3/4 cents,

Sep 20 Corn closed at $3.30, down 1 3/4 cents,

Dec 20 Corn closed at $3.38 3/4, down 1 1/2 cents,

Mar 21 Corn closed at $3.50 1/4, down 1 3/4 cents,

--- provided by Brugler Marketing & Management

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