The March corn contract ended the last trade day of the week with a fractional gain, while the other nearby contracts went home 2 1/4 to 3 1/2 cents in the red. That added to the board’s inverse, which now has a 3 cent discount to May and has July 17 1/4 cents under the March. December is nearly a dollar/bu below the spot market with a 95 3/4 cent discount to March.
The weekly CFTC report had managed money funds buying 12.9k corn contracts and selling 3.3k short. That moved their net long position to above 200k contracts for the first time since 11/8. The commercial corn hedgers were shown 395,931 contracts net short as of 1/24. That was a 5k contract weaker net short through the week given closed hedges.
USDA saw the week’s average ethanol prices as 1 to 7 cents weaker from $1.97 to $2.20/gal regionally. DDGS were reported from $220/ton in Ohio to $315/ton in NE through the week – which was within $20 of last week but mostly $5-$15/ton lower. The cash corn oil market saw quotes ranging from 66 to 70 cents/lb regionally, with bids mostly 1-2 cents weaker wk/wk.
Analysts from Brazil’s Deral had the southern state of Parana bringing 3.7 MMT of first crop corn and 15.4 MMT of second crop corn. Both are consistent with their prior estimate.
Mar 23 Corn closed at $6.83, up 1/2 cent,
Nearby Cash was $6.86 3/4, up 7/8 cent,
May 23 Corn closed at $6.80, unch,
Jul 23 Corn closed at $6.65 3/4, down 2 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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