Corn Futures Market News and Commentary
July corn futures closed up by 10 3/4 cents as the delivery process is underway and OI shrinks. New crop contracts ended the day with 9 to 12 1/2 cent losses heading into the July 4th weekend. USDA reported average corn oil cash prices ranged 70.73 to 73.40 cents/lb regionally through the week that ended 7/1. That was down from 74-76.5 c/lb prices last week. DDGS FOB prices were $282/ton in the gulf and $307/ton in the PNW this week, down $18-26 and $15/ton wk/wk.
CFTC’s weekly CoT report showed corn spec traders were closing longs through the week that ended 6/28. That left their net long 36,649 contracts smaller at 228,615 on Tuesday. Commercial corn hedgers lifted 223,224 contracts (14.5%) through the week for a 58k contract weaker net short. At 507,502 contracts as of 6/28, that was the commercial’s smallest net short since October as they work to clear the house before harvest.
Dalian Corn Prices in China traded at the lowest level since the Ukraine invasion this... Read more