Corn Futures PricesMon, Mar 2nd, 2015
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Corn futures maintained the 4 cent gain seen at midday and added a fraction to it, but still ended the week a fraction of a cent lower. The weekly CFTC report showed managed money continuing to lighten up on their net long corn position, cutting it by about 20% from the previous Tuesday. Private exporters reported to the USDA 140,000 MT of corn sold to Saudi Arabia this morning. The ethanol industry is fired up about a bill introduced into the Senate yesterday: the Corn Ethanol Mandate Elimination Act of 2015 would remove corn ethanol from the RFS mandates in an effort to provide additional impetus to other biofuels. (Of course, nothing about eliminating government subsidies for fossil fuels was included.) It is unlikely to pass but bears watching. Land owners got a break today when USDA announced a one-month extension in the deadline to update yield history or reallocate base acres. The due date was today but was pushed back to March 31, the same deadline that producers have to choose ARC vs PLC. The crop insurance guarantee discovery period ended today with an average December futures price of about $4.15.
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