The corn market headed into the extended holiday weekend with a significant jump in prices. The December contract rose by 10.25 US cents on Friday and closed at 420.25 US cents/bushel. The September contract rose by 12.50 US cents to 398.00 US cents/bushel.
At the end of the month, a mix of technical recovery and shifts in the fund portfolio provided fresh momentum. The CFTC data showed significant short covering. The fundamental picture remains mixed. At 70.48 million tons, export sales for the old crop are 98% of the USDA forecast, albeit slightly below the five-year average of 103%. For the new season, 18.78 million tons have been booked so far, which is the second strongest volume for this week since records began.
Exchanges will be closed on Monday for Labor Day. Electronic trading will resume as scheduled on Monday evening.
On Euronext, corn did not see any big jumps, but still rose by €0.25 to €189.00/t.
