The corn market stayed in a -2 1/4 to +5 1/4 cent range (Dec) on a firmer Friday session, with old crop closing fractionally to a penny higher. The new crop contracts weakened by a penny to 1 1/4 cents on the day. USDA cited cash ethanol prices from $2.14 to $2.40/gal regionally this week, mostly 10 to 35 cents lower. DDGS prices were $215 to $260 regionally, mostly lower but within $15/ton regionally of last week’s quotes. Corn oil cash prices were 1 to 3 cents/lb higher through the week, from 78 to 84 cents/lb regionally.Â
Weekly CFTC data had managed money liquidating 57k longs in corn for a 176,831 contract net long as of 11/15. That was their weakest net long since 8/16. Commercials also reduced exposure, closing 36.4k shorts for a 424,628 contract net short as of the Tuesday close.Â
China’s custom’s data showed 550k MT of corn was brought in during October – that was a 58% lower volume yr/yr. Through the calendar year, China has imported 27.5% less corn than 2021 at 19.01 MMT. Fertilizer imports were 8.9% lower yr/yr for the month and trail 2021’s pace by 31% with 20.2 MMT.Â
The International Grains Council left their world corn production forecast at 1.166b MT. Trade was reduced by 2 MMT to 170 MMT. Estimated ending stocks were 1 lighter to 257 MMT.Â
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Dec 22 Corn  closed at $6.67 3/4, up 1/4 cent,
Nearby Cash  was $6.74 3/4, up 3 cents,
Mar 23 Corn  closed at $6.70, up 1 cent,
May 23 Corn  closed at $6.68, up 3/4 cent,
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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