Corn Futures Market News and Commentary
Corn finished the last trade day of the week with fractional to 2 ½ cent losses across the front months. That left the March contract at just a ¾ cent gain for the week’s trade. USDA did not adjust the cash average price, still at $4.85.
USDA’s weekly Ethanol report showed the cash average price was UNCH to 13 cents/gal weaker from $1.54 to $1.80/gal regionally. The regional DDGS markets saw trade from $170-$190 in MI to $240 in KS, mostly $5 to $20 weaker for the week. The cash corn oil market was mostly 1 to 4 cents/lb cheaper, from 53 to 56 cents/lb regionally.
Weekly CFTC data showed corn spec traders were closing shorts and adding longs during the week that ended 12/5. That left the group with a 160,533 contract net short. The commercial hedgers were closing longs through the week, flipping them back to net short by 39,754 contracts.
USDA announced a 165k MT corn sale to unknown destinations this morning. The main news, however, was USDA’s monthly WASDE rep... Read more