Corn is starting the fresh week of trading fractionally higher after a recovering from initial weakness overnight. Corn futures ended Friday back near their highs with 2 to 2 ¾ cent gains through the front months. December printed a 4 ¼ cent range for the day, and closed with a net one cent per bushel gain for the week. Open interest continues to grow as harvest expands, up 7,221 contracts on Friday.
The weekly Commitment of Traders report had managed money funds adding shorts to corn during the week that ended 9/19. The 15k new shorts offset their 5.3k new longs and left the group with a 144,815-contract net short. Commercial corn hedgers were closing short hedges and adding long hedges during the week, for a net 22.7k contract swing to 31,877 contracts net short. That is the commercial’s lightest net short since June of 2020.
USDA’s National Weekly Ethanol report had cash ethanol prices mostly 7 to 10c higher for the week from $2.15 to $2.35/gal regionally. The DDGS market was mixed, from $5-$25 weaker to $5-$15 stronger this week, ranging from $180/ton to $240/ton regionally. The report had cash corn oil prices from 66 to 70 cents/lb mostly 1-2c higher wk/wk.
Dec 23 Corn closed at $4.77 1/4, up 2 cents, currently up 3/4 cent
Nearby Cash was $4.50 3/4, up 3 5/8 cents,
Mar 24 Corn closed at $4.92 1/4, up 2 1/4 cents, currently up 1/2 cent
May 24 Corn closed at $5.01, up 2 1/2 cents, currently up 1/4 cent
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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