Corn Falls Double Digits on Friday to Finish Week of | U.S. Finance Information
The corn market selloff continued into Friday close, as entrance months have been down 11 to 12 cents and new crop December own 6 ¾ cents. March ended the week with a loss of 37 ¾ cents (-7.68%). CmdtyView’s national average Money Corn price was 11 cents decrease at $4.23.
The spring crop insurance coverage price this 12 months is set at $4.70, the average December corn close for February. That’s 4 cents above the 12 months prior and set the soy/corn ratio at 2.24 vs. the soybean crop insurance coverage price, the bottom ratio since 2012.
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Managed money spec funds in corn futures and choices have been backing off of their giant web long place within the week that ended on February 25 by 16,079 contracts. That was primarily by way of longs exiting, with a web long of 337,454 contracts by Tuesday.
President Trump’s 25% tariffs on Mexico and Canada are nonetheless set for a March 4 begin date after some back and forth this week.
Weekly Export Gross sales knowledge has whole export commitments for the 2024/25 crop at 48.664 MMT, which is 78% of USDA’s full 12 months WASDE projection and forward of the 76% average tempo. Gathered export shipments at the moment are 26.567 MMT based on the FAS knowledge, 32% above final 12 months and 43% of USDA’s estimate and forward of the 37% average delivery tempo.
Mar 25 Corn closed at $4.53 1/2, down 11 1/4 cents,
Close by Money was $4.23, down 11 cents,
Could 25 Corn closed at $4.69 1/2, down 11 1/2 cents,
Dec 25 Corn closed at $4.55, down 6 3/4 cents,
New Crop Money was $4.20, down 8 1/4 cents,
On the date of publication,
Austin Schroeder
didn’t have (both instantly or not directly) positions in any of the securities talked about on this article. All data and knowledge on this article is solely for informational functions. For more data please view the Barchart Disclosure Coverage
right here.
The views and opinions expressed herein are the views and opinions of the writer and don’t essentially replicate these of Nasdaq, Inc.
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