Corn Rally into the Long Weekend

Market Performance - Corn futures closed higher on Friday, with contracts increasing by 4 to 5 cents in the front months, recovering some early week losses. However, March futures were down 21 cents for the week, representing a 4.71% loss. The national average cash corn price rose by 6 cents to $3.89 1/2 [1] - The markets will be closed on Monday for the Martin Luther King Jr. Day holiday and will reopen Monday evening [1] Managed Money Position - CFTC data indicated that managed money in corn futures and options increased their net short position by 65,348 contracts as of January 13, bringing the total net short to 81,774 contracts. This increase was primarily due to new short interest, the highest since October, while long positions reached their lowest since November [2] Export Sales - The USDA reported private export sales of 298,000 MT of corn to unknown destinations, including 120,000 MT for Japan. The total flash sales for the week now stand at 1.83 MMT [3] - As of January 8, USDA Export Sales data showed 52.035 MMT of corn commitments, which is 29% higher than the same week last year. This figure represents 64% of USDA's forecast and is ahead of the 62% average sales pace. Actual shipments amounted to 28.97 MMT, which is 36% of USDA's projection compared to a 26% average shipping pace [4]