Friday action in the corn market was back and forth, with Dec printing a 13 cent range for the day. At the settle, however, the board near UNCH with prices fractionally mixed. Through the week corn futures lost a net 7 3/4 cents (1.13% December).
USDA’s weekly Ethanol Report showed corn oil prices averaged 1-3 cents within last week’s quotes from 71c to 77c per pound regionally. DDGS were $5-$17/ton higher from $225 to $255/ton regionally during the week.
The weekly Commitment of Traders report showed major net new buying in corn from managed money funds during the week that ended 9/13. That extended their net long 14,164 contracts (6.25%) to 240,643 contracts. Commercial corn traders added 5,271 contracts of new short hedges but weakened their net short 1.6k contracts to 154.9k.
As corn harvest picks up pace, NOAA forecasts some rain in the heartland. SW NE will get the most through the coming week with at least 1 1/2” accumulated. IA, IL, and IN will also get +1” of accumulated precip. The Southern corn belt, where harvest is more widespread, will stay mostly dry through the coming week.
Dec 22 Corn closed at $6.77 1/4, down 1/4 cent,
Nearby Cash was $6.75 3/8, down 1 3/8 cents,
Mar 23 Corn closed at $6.83, up 1/4 cent,
May 23 Corn closed at $6.83 1/2, up 3/4 cent,
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