Corn futures on the Chicago Board of Trade (CBOT) closed with modest gains on Friday, driven by traders covering short positions and repositioning their portfolios before the Memorial Day holiday. Market participants took comfort from robust export sales reported by the U.S. Department of Agriculture (USDA), which provided additional price support heading into the long weekend.
The USDA reported net old-crop corn export sales of 2,125,316 metric tons for the week ended May 14, a figure that exceeded trade expectations. New-crop sales were recorded at 281,430 tons, sitting at the upper end of trade estimates. Those export numbers were cited by market sources as a key underpinning for the buying that emerged late in the week.
In a separate disclosure on Friday, the USDA announced specific destination sales totaling 493,700 tons of corn to Mexico and 110,000 tons to unknown destinations. Those transactions contributed to the overall sense of demand supporting the market.
Weather forecasts also played a role in the market tone. The Commodity Weather Group projected showers across parts of the U.S. Midwest in the coming weeks. Forecasters said the precipitation is expected to benefit crop development, a factor traders monitor closely when assessing future supply and pricing dynamics.
On the settlement front, CBOT July corn CN26 finished the session up 1 cent at $4.63-1/4 per bushel. With markets set to be closed on Monday for the Memorial Day holiday, some traders opted to reduce risk by covering short positions and making portfolio adjustments ahead of the break.
The combination of stronger-than-expected export sales and weather forecasts that could aid crops helped keep a supportive backdrop for corn futures as the industry heads into the holiday-shortened week.
Market context
- Export sales: USDA reported net old-crop sales of 2,125,316 metric tons for the week ended May 14 and new-crop sales of 281,430 tons.
- Destination sales: USDA announced 493,700 tons sold to Mexico and 110,000 tons to unknown destinations.
- Price action: CBOT July corn CN26 settled 1 cent higher at $4.63-1/4 per bushel.