Corn Drops into the Weekend

Friday’s session ended with corn futures 1 to 4 ¼ cents lower. The now lead month December had an 8 ½ cent range from -5 ½ to + 3. December finished the week with a net 7 ½ cent loss. March ended with a 14 ¼ cent carry to December. Friday’s Dollar Index is cooling off after an impressive run from $99.26 in July to a 6-mo high $105.43 – including a $0.180 point rally this week. 

The weekly CoT report showed managed money firms were extending their corn net short during the week that ended 9/12. The 26k new shorts and 15k fewer longs left them at 135k contracts net short – the most since August of 2020. Commercial corn hedgers did the opposite during the week, with 12k fewer shorts in play and 27k new longs for a 55k contract net long as of 9/12. 

USDA’s weekly Ethanol report showed cash ethanol prices averaged $2.16 to $2.30/gal regionally, mostly 2-8 cents higher for the week. DDGs were UNCH to $10/ton higher this week, from $180 to $220/ton regionally. The corn oil cash market was UNCH to 7 cents lower near 67 c/lb. 

The BAGE reported Argentina’s corn planting at 2.2% complete, maintaining the 7.3m HA forecasted area. Ukraine’s harvest was reported at 55.8k MT as of 9/15. That is 12.4% lower yr/yr. 

Dec 23 Corn  closed at $4.76 1/4, down 4 1/4 cents,

Nearby Cash   was $4.51 7/8, down 5 1/2 cents,

Mar 24 Corn  closed at $4.90 1/2, down 4 cents,

May 24 Corn  closed at $4.99, down 3 3/4 cents,