Corn futures rallied with 2.2% to 3.6% gains across the front months. The July contract got back above $6, and is within 30 cents of where May expired. July closed at a 49 1/2 cent gain for the week, and is sitting at a 19 cent gain for the month.
CFTC’s weekly CoT report had managed money spec traders as net new sellers in the week that ended 5/23. They extended their net short by 6k contracts to 98,027. Commercial corn hedgers added 6k new longs and closed 9.6k shorts through the week. CME data showed 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 700 thousand 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 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”.
Jul 23 Corn closed at $6.04, up 13 1/4 cents,
Nearby Cash was $6.37 5/8, up 13 cents,
Sep 23 Corn closed at $5.29, up 18 1/2 cents,
Dec 23 Corn closed at $5.34 1/2, up 18 1/2 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.
/AI%20(artificial%20intelligence)/AI%20engineer%20working%20on%20laptop%20by%20ART%20STOCK%20CREATIVE%20via%20Shutterstock.jpg)
/Nike%2C%20Inc_%20swish%20by-%20Tartezy%20via%20Shutterstock.jpg)