Corn Posts Net Loss for Week

Despite the strength to start the week, the Thursday and Friday selloff flipped the board to a net loss for the week. Futures were down another 4% to 4.9% on Friday, leaving both July and Dec 9 1/2 cents lower from Friday to Friday. A mixed weather outlook drove “risk off” trading on Friday. 

The weekly Ethanol report quoted cash market values from $2.42 to $2.55 regionally, mostly 7 to 12 cents/gal higher. The DDGS were quoted mostly $5 to $20 higher from $200 in IA to $225/ton in MO. Corn oil cash quotes ranged 58 to 63 cents/lb, and were mostly steady to 3 cents higher for the week. 

The weekly CFTC report had managed money as net buyers, with 32.2k new longs added and 24k shorts closed, during the week that ended 6/20. That left the group at 58.3k contracts net long. Commercials added 64k new short hedges which, in addition to the fewer long hedges in play, extended their net short by 75k to 283k contracts. 

The weekly FAS report showed 35,988 MT of old crop corn was sold during the week that ended 6/15. That was at the low end of estimates and included some cancelations. The new crop export sales business came in at 47k MT, which was also at the low end of estimates. Old crop commitments were at 38.65 MMT as of 6/15, while new crop has 3.03 MMT on the books. 

The Buenos Aires Grains Exchange reported corn harvest was 44% finished, with an estimated crop size of 34 MMT. Their prior forecast was looking for 36 MMT. 

Jul 23 Corn  closed at $6.30 3/4, down 29 3/4 cents,

Nearby Cash   was $6.26 1/1, down 33 3/8 cents,

Sep 23 Corn  closed at $5.84 3/4, down 32 1/4 cents,

Dec 23 Corn  closed at $5.88, down 32 3/4 cents,