Corn prices came out of the weekend with weakness even gapping 3 1/2 cents lower in the March contract. Current quotes show the board trading 3 to 5 cents lower so far for the Tuesday day session start. Nearby corn futures ended the last trade day of the week with 1 1/4 to 4 1/4 cent gains. March futures closed 21 cents higher wk/wk following the 24 1/2 cent drop the previous week.
CFTC data as of Jan 10th had a strong bear move from the funds. Through the week, managed money funds closed 31.7k longs and added 15k shorts for a 46.8k contract weaker net long of 149,605 contracts. The commercials moved in a bullish direction through the week, with 29.5k new long hedges and 16.8k fewer short hedges as of 1/10’s settle. That left the group 372,866 contracts net short.
The International Grains Council estimated global corn production at 1.161 billion MT in their Jan figure. That was down by 5 MMT mostly via cuts to Argentina and the EU partially offset by increases to China and Ukraine. Their consumption was reduced by 2 MMT for a net stocks drop of 3 MMT from December (-27 MMT yr/yr) to 254 MMT.
Mar 23 Corn closed at $6.75, up 4 cents, currently down 5 cents
Nearby Cash was $6.80 5/8, up 4 cents,
May 23 Corn closed at $6.73 3/4, up 4 1/4 cents, currently down 5 cents
Jul 23 Corn closed at $6.63 3/4, up 2 1/4 cents, currently down 4 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. For more information please view the Barchart Disclosure Policy here.
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