Corn Futures Market News and Commentary
Corn futures ended the day back near their highs with 2 to 2 ¾ cent gains through the front months. December printed a 4 ¼ cent range for the day, and closed with a net penny gain for the week.
The weekly Commitment of Traders report had managed money funds adding shorts to corn during the week that ended 9/19. The 15k new shorts offset their 5.3k new longs and left the group with a 144,815 contract net short. Commercial corn hedgers were closing short hedges and adding long hedges during the week, for a net 22.7k contract swing to 31,877 contracts net short. That is the commercial’s lightest net short since June of 2020.
USDA’s National Weekly Ethanol report had cash ethanol prices mostly 7 to 10c higher for the week from $2.15 to $2.35/gal regionally. The DDGS market was mixed, from $5-$25 weaker to $5-$15 stronger this week, ranging from $180/ton to $240/ton regionally. The report had cash corn oil prices from 66 to 70 cents/lb mostly 1-2c higher wk/wk.
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