Corn Fractionally Red after Back and Forth Overnight

Corn prices are beginning the new week neutrally after a back and forth overnight session out of 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. Preliminary open interest showed net new selling, rising 1,854 contracts for the day. December finished the week with a net 7 ½ cent loss. March ended with a 14 ¼ cent carry to December. 

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 Argentine corn planting at 2.2% complete, maintaining their 7.3m HA forecasted area. NASS data will show U.S. Crop Progress after the close. 

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

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

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

May 24 Corn  closed at $4.99, down 3 3/4 cents, currently down 1/2 cent