Corn Futures Market News and Commentary
Corn prices are fractionally to a penny higher going into the USDA report day. Preliminary OI data had the market net new buying yesterday into the data with 2k new futures, 5.4k new calls, and 5k new puts added. The corn market followed the wheat trade with gains on Thursday. Futures ended the day 3 ¼ to 4 cents higher across the front months, as March futures printed a 6 ¼ cent range and closed 1 ¼ cents under the daily high. March sits at a net 3 ¼ cent gain for the week. Preliminary open interest rose 2,049 contracts on Thursday, net new buying mixed in with some short covering in the old crop December and March contracts.
Wire sources say South Korea’s KFA bought 130,000 MT of optional origin corn.
Brazil’s CONAB reduced projected corn production there by 530,000 MT to 118.53 MMT. That is both for summer crop (mostly planted now) and winter crop (which won’t be planted for the most part until soybeans come off in January and February). That is well below the Novemb... Read more