Corn Futures Market News and Commentary
Corn prices rallied out of the report, taking March and May futures above the $7/bu mark. Profit taking pulled things back down some for net gains of 5 3/4 to 8 cents on the day in old crop. Ethanol cash prices from USDA’s weekly review were 11 to 16 cents/gal lower through the week to $2.17 - $2.40/gal regionally. DDGS were shown UNCH to $31/ton higher regionally from $215 to $330/ton regionally.
CFTC reported this afternoon that managed money firms were 10,055 contracts less net long on 9/27 on reduced exposure. The funds closed out 18.8k longs and 8.8k shorts for a net long of 237,854 contracts. Commercials reduced short hedges and added long hedges in corn through the week, for a net 28.3k contract lighter net short of 433k contracts.
USDA reported corn stocks were 1.377 bbu on September 1st,, well below the average trade estimate. That was up by 142m bushels from last year’s count and compares to the average trade guess of 1.495 bbu. Implied Q4 use to finish the 2... Read more