Corn Futures Market News and Commentary
Futures rallied back from early Friday losses to close in the black. December traded within a 21 1/4 cent range on Friday, and posted the highest close since July 1. USDA reported the cash corn oil prices for the week averaged 55 to 61.08 cents/lb by region, which was down from last week’s range of 58 to 61.75 cents. DDGS bids were also weaker from $235 - $253 NOLA to $230 - $250, and firm at $295 in the PNW. The Daily Ethanol Report also showed nat gas prices increased from $4.97 mmBtu to $5.13.
Weekly FAS data from USDA showed 1.43 MMT of corn (a marketing year high) was sold for export during the week that ended 11/18. That was above pre-report estimates and up 58% from last week but stayed 14% under the same week last year. Mexico and Canada were the week’s top buyers with 630k MT and 307k MT respectively. USDA also reported 90,000 MT of 22/23 corn was sold to Mexico. Accumulated corn commitments through 11/18 were up to 34.409 MMT, or 1.356 bbu. NMY’s book was up to 564,... Read more