Corn futures are rallying into the new week, but have faded by a nickel in early Monday market action. Corn prices dropped by 7 ¼ cents to a dime last Friday. Preliminary open interest showed long liquidation in nearby September, but some net new selling on Friday overall, up 2,618 contracts. The new crop December contract still had a net gain of 22 1/2 cents for the week. In contrast, Chinese old crop Dalian Corn Prices fell by a net 14 cents last 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.
Sep 23 Corn closed at $5.27, down 10 1/4 cents, currently up 21 3/4 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, currently up 21 cents
Mar 24 Corn closed at $5.47 1/2, down 10 cents, currently up 20 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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