Corn Closes Lower for Friday

The last trade day of the week left the corn futures market 9 1/2 to 10 3/4 cents lower. May was the exception as the board rallied off the lows back to just 1/2 cent red. For the week, May corn fell just 3 cents, while December futures were down by 12. At the low on Friday, Dec corn was 3 3/4 cents above the July low. 

USDA reported ethanol prices were mixed within 3 cents of last week from $2.26/gal to $2.43/gal regionally. DDGS were quoted from $235 to $265 regionally this week – mostly higher within $15/ton of UNCH. Corn oil was 1 to 3 cents higher from 52 to 57 cents/lb regionally. 

The weekly CFTC report showed managed money funds were closing corn shorts and adding back some new longs during the week that ended 4/18. That raised their net long by 22k contracts to 49,434. The commercials reduced their hedges, with 16k fewer longs and 8k fewer shorts through the week. That left the group 246,614 contract net short. 

NOAA’s updated 7-day QPF shows rain in the forecast from Colorado S/E to and from the East Coast to OH S/W to the Gulf. The Northern Plains, NE, IA, and IL will stay mostly dry through the week, as OK could get a much needed 2-3” accumulation. Louisiana will accumulate the most with 4-5” of rain through the week. 

BAGE reported the corn harvest was 14.7% complete and maintained their 36 MMT production forecast. 

May 23 Corn  closed at $6.63 1/4, down 1/2 cent,

Nearby Cash   was $6.47 7/8, down 9 3/8 cents,

Jul 23 Corn  closed at $6.15 1/4, down 10 3/4 cents,

Dec 23 Corn  closed at $5.48, down 9 1/2 cents,