Corn Closes Up Double Digits
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After see-saw trading through the early portion, Friday’s action came to a close with corn futures 9 1/4 to 13 1/2 cents higher. New crop December corn rallied 65 cents on the week, but the inverse from July prices only tightened by 20 1/4 cents. December is up more than 40% from the March 31 low. 

USDA announced some large corn export sales activity this morning, as China purchased 1.36 MMT (53 mbu) of new crop corn. Private exporters also sold 188,468 MT to unknown destinations, which is to be split 87k MT for old crop and 102k MT for new crop delivery. 

The weekly Commitment of Traders report showed managed money OI declined 16,591 contracts through the week ending 5/4. Long liquidation outweighed short buy backs and the group’s net long position decreased 6,115 contracts to 372,548. Commercials extended their net short through lighter OI as well, up 12,044 to 722,640 contracts on net as of May 4th. 

Traders surveyed expect USDA to cut Brazil’s corn crop by 5.8 MMT on average to 103.2 MMT. Some analysts expect USDA to go as low as 99 MMT for Brazil’s 20/21 corn output, and the highest estimate is for a 2.5 MMT cut. 

May 21 Corn  closed at $7.72 3/4, up 13 1/4 cents,

Jul 21 Corn  closed at $7.32 1/4, up 13 1/2 cents,

Nearby Cash  was $7.46 5/7, up 13 7/8 cents,

Dec 21 Corn  closed at $6.36 1/2, up 11 cents,

New Crop Cash  was $6.11 1/4, up 11 cents,




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