CBoT corn prices dropped by 7 ¼ cents to a dime on the last trading day of the week. For the new crop contract that left the week’s net gain at a 22 1/2 cents.
Chinese old crop Dalian Corn Prices fell by a net 14 cents this week.
CFTC reported major short covering from managed money during the week that ended 7/18. There was also some minor long liquidation, but the short covering reduced their net short by 16k contracts to 47k contracts. The commercials extended coverage through the week, with an additional 43k contracts and a 13k contract stronger net short of 173,849 contracts.
USDA’s weekly Ethanol report showed cash prices were quoted $2.30 to $2.50 regionally, which was mostly 10 to 20c per gallon stronger for the week. Cash DDGS prices were mostly higher, but varied regionally from +/- $15 of last week from $190 to $215/ton. The corn oil market was mostly 1 to 7 cents stronger from 59 to 67 cents/lb regionally.
IGC saw fit to up their forecast for 23/24 world corn production from 1.211b MT to 1.220 billion MT. That is now a 66 MMT increase from 22/23, but is still 4 MMT below 21/22 output. Corn ending stocks were loosened by 6 MMT from their prior estimate, to 282 MMT.
Sep 23 Corn closed at $5.27, down 10 1/4 cents,
Nearby Cash was $5.71 5/8, down 10 1/2 cents,
Dec 23 Corn closed at $5.36 1/4, down 10 cents,
Mar 24 Corn closed at $5.47 1/2, down 10 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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