Following the WASDE gains on Thursday the market faded with 1 ½ to 3 cent losses on Friday. That left the Dec contract at a net 1 ¾ cent gain for the week.
The weekly CFTC update showed a massive spec short covering during the week that ended 10/10. Managed money closed out 36.6k shorts (11.3% of existing), and added 10k new longs, resulting in a 47k contract weaker net short of 112,691 contracts. Commercial hedgers expanded their net short by 40k contracts, on both long liquidation and net new short hedges, to 74k contracts.
USDA reported 910k MT of corn was sold for 23/24 delivery and 87k for 24/25. That was above the expected range ahead of the report led by sales to Mexico. USDA had 812.9k MT shipped in the report, for an accumulated export of 3.48 MMT – 55% ahead of last year.
Dec 23 Corn closed at $4.93 1/4, down 2 3/4 cents,
Nearby Cash was $4.62 1/1, down 2 3/8 cents,
Mar 24 Corn closed at $5.08 1/2, down 3 cents,
May 24 Corn closed at $5.16 1/2, down 3 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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