Corn futures are near their lows from the overnight, after seeing a tighter nickel range from -2 to +3 cents (March). Early Monday trading has the board down by as much as 2 cents. Corn prices ended the day about a nickel off their highs, but held on for 1 1/4 to 1 1/2 cent gains on Friday. New crop futures settled Friday fractionally mixed. For the week, March corn dropped 24 1/2 cents. Preliminary open interest showed short covering on Friday, down 3,400 contracts. Â
CFTC’s weekly data showed managed money funds were the most bullish in nine weeks. They were more net long by 37k contracts last week 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.Â
Wire house surveys for Thursday’s USDA reports are starting to surface. A Reuters survey found Dec 1 corn stocks ideas running from 10.7 to 11.9 billion bushels, with 11.153 billion being the mean. That compares to 11.642 billion a year ago.Â
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. Corn commitments sit at 21.74 MMT as of 12/29.
Mar 23 Corn  closed at $6.54, up 1 1/4 cents, currently down 1 1/2 centsÂ
Nearby Cash  was $6.58 3/4, up 2 1/4 cents,
May 23 Corn  closed at $6.54, up 1 1/2 cents, currently down 1 1/2 cents
Jul 23 Corn  closed at $6.48 1/4, up 1 1/2 cents, currently down 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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