Corn May '20 (ZCK20)
Corn Futures Market News and Commentary
March corn options expired today, with corn futures 1 1/2 to 2 cents lower at the closing bell. In the CoT report, managed money was 14.74% less net short wk/wk to 61,461 contracts. Managed money OI was 33,207 contracts higher to 441,903. The Export Sales report this morning showed 1.249 MMT of corn was sold for the week ending 02/13. That was slightly higher than the average estimate prior to the report, and 28.9% higher wk/wk. Corn bookings for the week were 24.3% higher than the same week last year. MYTD corn shipments are now at 12.651 MMT which lags last year by 48.90%. From the same report new crop corn bookings were 1,016 MT, which was below the pre-report expected range. USDA released initial 20/21 projection in their Ag Outlook Forum on Friday showing corn used for ethanol at 5.45 bbu, which would be the highest since 2017/18. Forecasted corn exports for 2020/21 are estimated at 2.1 bbu, also the highest since 2017/18. The forecasted yr/yr change in use (670 mbu), would not... Read more
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