Corn futures closed 1 to 1 3/4 lower on Friday. Trading will resume at 8:30 AM CST. Losses for the week and for the full year were both less than 2 cents per bushel! That’s actually a moral victory for the bulls given larger US carryover stocks, but mostly explained by the weakness in the dollar. Trader ideas for the USDA weekly Export Sales report were too bearish at 0.6-1.1 MMT. The USDA indicated old crop corn export sales of 1.245 MMT for the week ending December 21, with another 102,900 MT sold for 2018/19 crop delivery. The market needs a lot more weeks like that to exceed the current WASDE forecast. Brazil is getting some rain down into the dry southern states, and Cordoba in Argentina has also seen some showers to improve crop prospects. The Commitment of Traders report showed the large spec funds reducing their net short position in corn futures & options during the week ending December 26.

Market Commentary provided by:

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