The Friday session ended with corn prices back up by 4 1/4 to 5 3/4 cents. The March contract is set to expire on Tuesday, with May currently at a 7 cent discount. For the week, the more liquid May corn futures were down 22 1/4 cents. The new crop soy/corn ratio was back down to 2.43:1 on Friday.
USDA reported the average cash prices for ethanol this week were mostly higher, from +2 to +8 cents regionally. DDGS quotes were mixed regionally within $30/ton of last week, from $240 to $270/ton regionally. The weekly Ethanol report also had mostly stronger corn oil prices from 55 to 58 cents/lb, within 5 cents of last week.
USDA data showed MS River barge rates have been working lower, with St. Louis specifically down 16c through the week to $14.08/ton. Cheaper barge freight creates room for stronger basis up river.
CFTC data, still behind and now through 2/21, had managed money corn traders at 215,928 contracts net long. That showed long liquidation from the specs vs. the previous week. Commercial corn hedgers were also closing shorts during the same week, but were still 404,585 contracts net short as of the settle.
Mar 23 Corn closed at $6.24 1/4, up 5 3/4 cents,
Nearby Cash was $6.18, up 5 3/4 cents,
May 23 Corn closed at $6.17 1/4, up 5 3/4 cents,
Jul 23 Corn closed at $6.06 1/2, up 4 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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