Corn Futures Market News and Commentary
Corn futures bounced on the last trade day of the week, headed into the break on 6 1/2 to 9 cent gains. For December that limited the week’s loss to just 4 1/4 cents. December ’21 is again a premium to red Dec. USDA reported corn oil prices from 61 to 61.75 cents/lb during the week of 10/15. That compared to 60.8 to 61.7 c/lb last week. DDGS prices at the Gulf were lower to between $214 - $233/ton, while PNW FOB quotes ranged $255 - $262/ton.
USDA’s weekly Export Sales data showed 1.04 MMT of corn was booked through the week of 10/7. Mexico was the top buyer during the week, booking 790,200 MT – of which 479,256 MT was previously announced. The week’s 918k MT of shipments were down 6% from last week, but still the second largest for the season. Accumulated exports were at 3.415 MMT through 10/7 according to the weekly data.
Weekly CFTC data showed managed money was 227,931 contracts net long as of 10/12. That was a 22.7k contract slide to their net position from last... Read more