Corn Following Wheat Higher on Friday

Corn futures continued their upward trend on Friday, rounding out the week with gains ranging from 5 to 11 ¼ cents. The market saw a 20-cent increase in corn prices for the week, with December contracts up by 21 ¼ cents. The national average Cash Corn price, as measured by CmdtyView, climbed 11 ¾ cents to reach $4.30 per bushel. Rising tensions in the Black Sea, stemming from a wheat-led rally, have provided additional support for corn prices as they enter the weekend.

Coffee prices have been buoyed by a slow harvest in Brazil, while US consumers have shown little concern over rising beef prices. Tyson Foods has been forced to close plants due to a historic shortage of cattle, adding to the agricultural market's challenges.

Recent CFTC data revealed that managed money speculators held a net long position of 166,770 contracts in corn futures and options as of August 11th. This figure marked a 15,176-contract reduction for the week, primarily due to new short interest. Old crop corn sales stood at 87.503 million metric tons (MMT), representing 104% of the USDA's estimate and exceeding previous year's pace.

Accumulated shipments totaled 80.066 MMT, or 95% of the USDA's export projection. In contrast, new crop corn sales have dropped 23.5% year-over-year to 10.575 MMT.

On the final trading day of the period, December corn closed at $4.83 ¼, representing an 11 ¼ cent gain. Similarly, March corn closed at $4.99, also up 11 ¼ cents. The current new crop cash price was $4.34 ¼, reflecting an 11 ¼ cent increase. As of the article's publication date, Austin Schroeder disclosed that he did not hold any positions, directly or indirectly, in the securities mentioned within this report. All information and data provided in this article are intended for informational purposes only.