Corn Rally into Weekend with Export Business and EPA Announcement
Corn futures closed out the week parring back the losses on Friday, as contracts were up 3 ½ to 6 ¾ cents across the board. May was up 6 ¾, with December up 6 ¼ cents to close out the day. The EPA today issued an emergency waiver to allow sales of E15 this summer. The waiver overrides the current policy that prohibits summer sales beginning on June 1 from retailers.
USDA reported a private export sale of 216,500 MT of corn to Mexico this morning. The sale was spilt between marketing years, with 23,000 MT for 23/24 shipment and 193,500 MT for 24/25 delivery.
Commitment of Traders data showed spec funds in corn futures and options adding another 16,016 contracts to their net short position at 279,570 contracts as of April 16.
The BA grain exchange estimates 17% of the Argentine 2024 crop has been harvested, up only 2% from last week. The 5-year average for this time is 36% harvested.
May 24 Corn closed at $4.33 1/2, up 6 3/4 cents,
Nearby Cash was $4.18 5/8, up 7 1/2 cents,
Jul 24 Corn closed at $4.43, up 6 3/4 cents,
Dec 24 Corn closed at $4.66 1/4, up 6 1/4 cents,
New Crop Cash was $4.30 1/2, up 6 7/8 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.