Corn futures pushed higher into Friday’s close, as nearby contracts were up 6 to 7 ½ cents. July posted a weekly move of 11 ½ cents higher., with December up 7 cents.
USDA’s National Weekly Ethanol report had ethanol prices from $2.21 to $2.46/gal regionally, mostly 6 cents lower for the week. DDGS were quoted from $230 to $265/ton, mostly $5-$20/ton weaker on the week. USDA showed corn oil prices ranged 53 to 57 cents/lb regionally which was mostly higher for the week, but within a penny of UNCH.
Weekly Commitment of Traders data showed managed money speculators adding 102,849 contracts to their net short position in corn futures and options, taking it to 118,146 contracts as of Tuesday's close. Commercial corn ownership is the lowest in nearly six years, as commercial shorts backed off to just 551,955 contracts.
Chinese Dalian Corn Prices traded sharply lower after the Labour Day holiday period. May futures dropped 128 yuan/MT (4.9%), which was the lowest front month print since September 2020 with October futures. The more active July contract was down 1% to 2,616 yuan/MT (~ $9.61/bu) on Thursday.
The UN’s FAO expects 22/23 corn carryout will be 288.2 MMT, looser than the 285.4 MMT estimate last month citing better harvests in EU and India than expected.
May 23 Corn closed at $6.53 1/4, up 6 3/4 cents,
Nearby Cash was $6.28 1/4, up 7 3/8 cents,
Jul 23 Corn closed at $5.96 1/2, up 7 1/2 cents,
Dec 23 Corn closed at $5.34 3/4, up 6 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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