Latest Brugler Corn Report
Corn futures finished the day down 1 to 1 1/2 cents, as front month Mar16 was down 7 cents for the week, finding pressure mostly from pessimism about US exports this week. Total export commitments as a percent of total exports are only 59%, even with a lower estimate recently issued by the government; the five year average for this week is 72%. A decent rebound in the USD (+600 points today) kept the pressure on to finish the week. The ag markets will be closed on Monday due to the Presidents Day holiday. As of last night, the national average cash corn price was $3.37, which is about 25 1/2 cents below where it was for this date in 2015. The national US corn basis was 23 1/4 under March futures according to DTN, which is about even with basis at this time last year. Weekly data from the CFTC showed managed money accounts were 43,306 contracts more short vs. a week earlier, and the PMPU group was 57,843 contracts less short. The net short position held by managed money as of the close on Tuesday was 102,785 contracts. Ethanol prices at the pumps this week were down a penny in IL and IA, but steady in NE, and a penny higher in SD.