The corn market was 7 to 8 3/4 cents lower ahead of the weekend and near the lows at the bell. December closed on a 1.15% loss on Friday limiting the week’s move to a 0.95% (6 ½ cent) gain. USDA reported the average cash corn oil price for the week was mostly 1-2 cents higher from 71 to 75c/lb regionally. DDGS were shown $5 higher to $20/ton lower regionally from $220 in IN, MN, and WI to $260/ton in W. IA.
Weekly CFTC data released after the close showed managed money corn spec traders were net buyers through the week that ended 10/11. The 28.6k contract buying spree was partially offset by 5k new short spec contracts, but left the group at 267,377 contracts net long. Commercials added 51k new hedges through the week, extending their net short by 23k contracts to 463,633.
USDA’s weekly Export Sales data showed 200,191 MT of corn was sold during the week ending 10/6. That was down from last week’s sale and was just 20% of the same week last year. USDA had 422,590 MT shipped for a season’s total of 2.67 MMT. That trails last year’s campaign by 22%. Total corn commitments trail last year’s pace by 51% at 13.423 MMT.
The Ukrainian Ag Ministry released data showing corn exports unseasonably high at 5.6 MMT through 10/12. That is up by 263% yr/yr, likely driven by last years unshipped stocks and active exports ahead of a potential grain corridor loss threatened by Russia. French corn was 83% harvested through 10/10 according to FrancAgriMer. That is up from 14% last year.
Dec 22 Corn closed at $6.89 3/4, down 8 cents,
Nearby Cash was $6.74 3/4, down 7 1/2 cents,
Mar 23 Corn closed at $6.96 1/4, down 8 3/4 cents,
May 23 Corn closed at $6.97 1/4, down 8 1/2 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes.
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