Corn Futures Market News and Commentary
Afternoon position squaring pulled corn prices off their daily lows, but the board still went home 3 1/2 to 4 1/2 cents in the red. The July/Dec spread tightened slightly to 43 3/4 cents. USDA reported the weekly average corn oil cash price as between 80.88 cents and 82.14 cents regionally, compared to last week’s 81-82 c/lb prices. DDGS FOB prices were $290-$303 in the Gulf and $358 out of the PNW, compared to $295/ton and $365/ton last week.
The weekly CoT report showed managed money funds were adding to positions through the week that ended 5/17. The 10.3k new spec longs outweighed the 9.2k new shorts for a 339,711 contract net long. Commercial corn hedgers added 24.7k new shorts against 2.8k new longs, which expanded their net short to 693,535 contracts.
Ukrainian export data showed 643k MT of grains were shipped MTD in May, down from 1.8 MMT during May 2021. Of that, 617k MT was corn. The IGC forecasted global corn production as 1.184b MT in their latest estimate.... Read more