Corn May '21 (ZCK21)
Corn Futures Market News and Commentary
The board showed 11 1/2 to 15 3/4 cent gains for front month corn futures going into the weekend. New crop futures were 5 3/4 to 7 1/4 cent higher on the day. The usual suspects were involved, including South American weather fears, ideas USDA will raise the export estimate, and commodity price inflation.
CFTC data from the week ending 3/2 had corn spec traders 348,546 contracts net long. That was down 12,605 on the week from liquidation. Commercials exited another 60k contracts on the week, leaving their OI 9% below Feb 9 at 1,969,583 contracts. Even after the exits, commercials were still net short 729,567 contracts.
Monthly Census data showed January corn exports were the largest for the month since the record 1989/90 shipment. The 5.81 MMT was the highest for any month since August of 17/18. DDGS exports were reported at 916k MT in Jan, which was up from December but still below the January record of 976k MT from 2020. Official January ethanol exports were a reco... Read more
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