
Corn futures are red so far for Monday morning with 3 to 4 1/4 cent weakness. The corn market saw old crop closing fractionally to a penny higher on Friday. The new crop contracts weakened by a penny to 1 1/4 cents on the day. Markets will observe Thanksgiving on Thursday and will close early on Friday.
USDA reported cash ethanol prices from $2.14 to $2.40/gal, mostly 10 to 35 cents lower than the previous week. 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, from 78 to 84 cents/lb regionally.
Weekly CFTC data revealed 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 August 16. Commercials also reduced exposure, closing 36.4k shorts for a 424,628 contract net short as of the Tuesday close.
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.
Dec 22 Corn closed at $6.67 3/4, up 1/4 cent, currently down 4 1/4 cents
Nearby Cash was $6.74 ¾ on Friday, up 3 cents,
Mar 23 Corn closed at $6.70, up 1 cent, currently down 3 1/4 cents
May 23 Corn closed at $6.68, up 3/4 cent, currently down 3 1/4 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.