Corn futures extended the rally on Monday night with a light gap higher. New crop futures then faded the move and are down by a penny to a nickel, while old crop July is holding on for a penny gain early on Tuesday. They went into the 3-day weekend with 2.7% to 4.2% gains on Friday.  The December contract ended with a 67 cent gain for the week, but stayed under the $6 mark. Dec corn has been below $6 since January.Â
CFTC’s weekly Commitment of Traders report showed major short covering from corn spec funds during the week that ended 6/13. Managed money funds closed out 43.5k shorts and flipped back to 2,145 contracts net long. Commercial corn traders were 207,452 contracts net short after new short hedges were added.Â
USDA’s weekly Ethanol report had cash ethanol prices averaging $2.32 to $2.47/gal regionally, with most markets 1 to 4 cents higher for the week. DDGS were quoted $10 to $35 lower this week, from $176 to $230/ton.Â
Root zone soil moisture from NASA’s GRACE shows serious concern for ND/ NW MN/ SD. Most of Minnesota and Iowa, and Northern IL/IN could use some net inflow as well. OH and southern IN got some nice weekend rains.Â
Jul 23 Corn  closed at $6.40 1/4, up 17 cents, currently up 1 cent
Nearby Cash  was $6.49 5/8, up 7 7/8 cents,
Sep 23 Corn  closed at $5.94, up 24 cents, currently down 4 cents
Dec 23 Corn  closed at $5.97 1/2, up 23 cents, currently down 3 3/4 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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