Corn prices were fractionally to 5 3/4 cents higher on Friday into the 3-day holiday weekend. That left March as a net break even for the month of December. USDA’s weekly ethanol report showed ethanol prices were within 5 cents of UNCH last week from $1.87 to $2.40/gal regionally. Corn oil prices were also within 5 points of UNCH from 65 to 70 cents of UNCH. DDGS were mostly higher with $5 to $25/ton increases from $220 to $318/ton regionally.
CFTC’s weekly CoT report showed managed money closed out 12.2k longs for a 13.3k contract lighter net long as of the 12/20 settle. That left the group at 113,815 contracts net long, their weakest net long since September of 2020. Commercial corn hedgers were closing hedges, with 8k fewer longs and 33k fewer shorts for a 24,615 contract lighter net short. At the 12/20 settle the commercial net short was 343,155 contracts.
Mar 23 Corn closed at $6.66 1/4, up 5 3/4 cents,
Nearby Cash was $6.74 7/8, up 5 5/8 cents,
May 23 Corn closed at $6.65, up 4 3/4 cents,
Jul 23 Corn closed at $6.58, up 3 3/4 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.
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