Corn futures concluded Friday’s trading session with a firm tone, as most-active contracts settled between 1 to 2 cents higher. This upward momentum capped a week that saw significant gains, with the July contract appreciating by 7 ½ cents and the December contract adding 5 ½ cents over the past five trading days. The national average Cash Corn price, as tracked by CmdtyView, also saw a slight increase, rising a penny to $4.23 1/2.
The Chicago Board of Trade (CBoT) will observe a closure on Monday in observance of Memorial Day. Trading is scheduled to resume with a normal opening on Tuesday.
Export Activity Bolsters Market Sentiment
Market activity on Friday was influenced by a couple of private export sale announcements. A substantial sale of 493,700 metric tons (MT) was reported to Mexico, split between 225,000 MT for the 2025/26 marketing year and 268,700 MT for the 2026/27 marketing year. Additionally, 110,000 MT were sold to an unknown destination, with 50,000 MT designated for the 25/26 period and 60,000 MT for 26/27.
Further bolstering international demand, a couple of South Korean importers were noted to have purchased corn in tenders overnight. These purchases amounted to 203,000 MT of optional origin corn.
CFTC and USDA Data Provide Context
The weekly Commitment of Traders (COT) report from the Commodity Futures Trading Commission (CFTC), released on Friday, indicated a slight reduction in net long positions held by managed money. In the week ending May 19, these large speculators trimmed their net long by 6,129 contracts, bringing their total net long position in corn futures and options to 293,354 contracts.
The U.S. Department of Agriculture’s (USDA) Export Sales data provided a more optimistic outlook on export performance for the 2025/26 marketing year. A total of 79.873 million metric tons (MMT) of corn had been sold for export, whether shipped or unshipped. This figure represents a notable 26% increase compared to the same period in the previous year. The current sales pace stands at 95% of the USDA’s export target, closely aligning with the historical average pace of 96%.
Friday’s Closing Prices
Specific contract closings on Friday reflected the day’s gains:
- July ’26 Corn closed at $4.63 1/4, up 1 cent.
- Nearby Cash Corn settled at $4.23 1/2, up 1 cent.
- September ’26 Corn finished at $4.69 3/4, up 1 1/4 cents.
- December ’26 Corn reached $4.86 1/2, up 1 1/2 cents.
- New Crop Cash Corn was recorded at $4.39 3/8, up 1 1/4 cents.
The strength observed in corn futures at the end of the week, driven by solid export activity and robust sales figures relative to the previous year, suggests underlying demand supporting prices. While managed money has slightly reduced its net long exposure, the overall export picture remains positive, providing a constructive backdrop for the commodity as the market heads into a shortened trading week.
