Corn Futures Market News and Commentary
Front month corn futures extended the week’s slide into the weekend with Friday losses of 9 33/4to 15 cents. For March that ended the week as a net 25 cent loss. New crop futures were firmer on Friday with red Dec going home just 3 1/4 cents lower. Dec ’23 closed the week on a 12 3/4 cent loss Friday to Friday. USDA reported the cash average ethanol prices were $2.13 to $2.39/gal regionally this week, mostly 5 to 12 cents weaker wk/wk. Corn oil prices were 72 to 84 cents/lb regionally, mostly lower within 3c of UNCH from last week. DDGS were mostly higher on the week, withing $20/ton of UNCH from $200 - $255 regionally. Bids in MO got up to $330/ton as the expensive outlier.
CFTC’s weekly CoT report showed managed money funds were buying corn through the week that ended 11/29. Their net long grew 20.8k contracts to 191,631 – with 14k new longs and 7k fewer shorts. Commercial corn trader open interest shrank by 10.5% through the week as the Dec options expired and deliveries b... Read more