The Friday session ended with 5 1/2 to 9 3/4 cent gains, which pushed the March contract to a 3 cents. USDA’s weekly Ethanol report showed ethanol prices averaged $1.95 - $2.20/gal regionally, which was mostly up from 1 to 9 cents over the week. DDGS prices were shown mostly $15 to $20 lower from $235 to $270/ton regionally. The corn oil quotes ranged 59 to 68 cents/lb this week, which was mostly lower by 2 to 8 cents.
The CFTC will again not have CoT data released after the close. No announcements have been made regarding when the report will resume.
USDA reported 1.16 MMT of old crop corn was sold for export during the week that ended 2/02. Accumulated commitments were at 1.05 bbu from the weekly data, which is 55% of the USDA forecast. New crop commitments sat at 1.44 MMT as of 2/02, which is even with last year’s forward sale pace.
South Korea’s MFG is on the market for 67k MT of South American corn, while NOFI is seeking 68k MT of corn from South America. Their FLC is reported to have booked 65k MT of U.S. corn without a tender.
Mar 23 Corn closed at $6.80 1/2, up 9 3/4 cents,
Nearby Cash was $6.84 3/4, up 10 1/2 cents,
May 23 Corn closed at $6.78 1/4, up 9 1/4 cents,
Jul 23 Corn closed at $6.66 1/2, up 7 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. For more information please view the Barchart Disclosure Policy here.
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