The corn market stayed mostly red on Friday, but ended the day mid range and with fractional losses. March was up 9 cents/bu from Friday to Friday. USDA’s weekly ethanol report had the weekly cash ethanol prices from $1.87 to $2.20/gal regionally. Corn oil prices were mostly lower by 3-7 cents to 62 to 69 cents/lb regionally. DDGS were higher by $8 to $23 to $217 to $285/ton regionally.
The weekly CoT report showed corn spec funds were 127,106 contracts net long as of December 13. That was a 6,893 contract stronger net long through the week given short covering. Commercial corn traders closed out another 33k short hedges, reducing their net short by 11k to 367,770 contracts.
StoneX reduced their corn crop estimate for Brazil’s Rio Grande do Sul to 4.51 MMT, from 5.38 MMT, citing a developing drought in the South. Argentina’s BAGE reported 42.6% of the corn area was planted as of 12/15 – trailing last year’s pace by 5.1%.
The weekly Export Sales data had 958,920 MT sold through the week that ended 12/8. Accumulated corn bookings sat at 20 MMT (787.5 mbu) as of 12/8 – marking 38% of the WASDE full year forecast.
Mar 23 Corn closed at $6.53, down 1/2 cent,
Nearby Cash was $6.62 3/8, down 1/8 cent,
May 23 Corn closed at $6.53 1/2, down 1/4 cent,
Jul 23 Corn closed at $6.48 1/4, down 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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