Corn prices ended the day about a nickel off their highs, but held on for 1 1/4 to 1 1/2 cent gains. New crop futures settled Friday fractionally mixed. For the week, March corn closed at a 24 1/2 cent loss. USDA’s weekly report showed ethanol prices averaged $2.12 to $2.31/gal regionally. That was mostly 1-4 cents lower for the week. DDGS were within $20/ton of last week’s quotes from $222 - $305/ton for the week. Corn oil was priced from 66 to 72c/lb, mostly 1-3 cents higher.
CFTC’s weekly data showed 29k new fund longs were opened in addition to 7.9k fund shorts being closed during the week that ended 1/03. That lifted the managed money net long by 37k contracts to a 9-wk high 196,457 contract net long. The commercials added 23.7k new short hedges for a net 31k contract stronger net short as of 1/03.
USDA announced a private export sale to Mexico this morning, with 89.6k MT of old crop and 22.4k MT of new crop sold.
Weekly export sales were 319,242 MT during the week that ended 12/29. That was up by 24% from the same week last year, but was otherwise an 8-wk low and below the pre-report estimates. Corn commitments sit at 21.74 MMT as of 12/29 – a 47% lag from last year’s pace.
Mar 23 Corn closed at $6.54, up 1 1/4 cents,
Nearby Cash was $6.58 3/4, up 2 1/4 cents,
May 23 Corn closed at $6.54, up 1 1/2 cents,
Jul 23 Corn closed at $6.48 1/4, up 1 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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