Coming out of the weekend and into the month of April, corn prices are higher by  5 1/4 to 8 1/2 cents. May corn closed 4c off its high on Friday, with an 11 cent rally out of the reports. For the week, old crop prices were 13 to 17 1/2 cents higher. For the month of March May futures gains 13 3/4 cents. New crop futures closed Friday a cent in the red. December contracts posted a net 3 1/4 cent loss for March. Preliminary open interest rose 3,164 contracts, with some net new buying in July.Â
Weekly CFTC data showed managed money closed 21k shorts and added 7.5k new longs during the week that ended 3/28. That fits the price action for the reporting period. The group was still net short by 13,288 contracts on March 28. Commercial corn hedgers added 10k new short hedges and closed 18k existing longs for a 203,547 contract net short on 3/28.Â
USDA’s weekly Ethanol report showed the regional ethanol cash prices were 3 to 13 cents/gal higher from $2.05 to $2.30/gal. DDGS were mostly lower for the week within $25 of UNCH.Â
USDA reported corn stocks were 7.4 bbu on March 1st. That was a 357 mbu tighter supply yr/yr and implied a 3.421 bbu use for the Q2. The trade was looking to see a 7.473 bbu corn supply implying 3.335 billion bushels Q2 use. Last year’s Q2 demand was 3.883 bbu. NASS reported 4.106 bbu of (55.5%) corn supplies were still in farmer hands, compared to 4.08 bbu (52.6%) last year.Â
Prospective Plantings data had 91.996 million acres for corn. That was 1 million above the trade average guess, and nearly 1m above the Feb Forum figure. At the state level, NE and TX were the only major states to lose acres yr/yr, while ND’s 27% increase would mean more acreage than OH if it all gets planted. NASS survey respondents intend to plant 5.975m acres of sorghum, down from 6.325m last year and under USDA’s Feb projection of 6.5 million.Â
May 23 Corn  closed at $6.60 1/2, up 11 cents, currently up 5 cents
Nearby Cash  was $6.66 5/8 on Friday, up 9 7/8 cents,
Jul 23 Corn  closed at $6.36, up 8 3/4 cents, currently up 5 cents
Dec 23 Corn  closed at $5.66 1/2, down 1/2 cent, currently up 5 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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