Corn Market Up by Double Digits

Corn rallying ahead of the holiday weekend with midday gains of as much as 3.3%. Futures are trading near their highs for the day with 15 to 16 cent gains. The December contract is sitting at a weekly gain of 32 3/4 cents. 

CME data confirms that 35.5k futures contracts were added this week across the corn market through Thursday. The current put/call ratio as of Thursday’s settle was 0.938 with nearly 700k calls in play.

USDA’s weekly Ethanol report showed cash ethanol prices ranged $2.28 to $2.43/gal regionally this week with prices mostly UNCH to 9 cents weaker. DDGS prices were also weaker, down from $5 to $35/ton through the week to ~$220/ton. Regional corn oil quotes were mostly centered around 55 cents/lb and were mostly 1 to 2 cents weaker. 

NOAA’s current 5-day QPF map has most of the corn belt staying dry this Memorial Day weekend. Western NE and parts of KS will get some rainfall, but totals stay less than 1”. 

USDA reported another 75k MT of net cancelations for old crop corn export sales in the week ending 5/18. That left the old crop commitments at 37.98 MMT, 1.495 bbu, as of 5/18. New crop sales were 52k MT for the week for a total forward sale of 2.753 MMT. 

Jul 23 Corn  is at $6.06 1/4, up 15 1/2 cents,

Nearby Cash   is at $6.39, up 15 3/8 cents,

Sep 23 Corn  is at $5.27 3/4, up 17 1/4 cents,

Dec 23 Corn  is at $5.33 1/2, up 17 1/2 cents,