Corn futures fell by over 1% on Friday. That left the Mar contract with a fractional gain for the week, as the other deferred months closed UNCH Friday to Friday. December was down by 9 ½ cents on the day, dropping back below the $5 mark, but held onto a 2 ¼ cent gain for the week.
The weekly USDA Ethanol Report showed ethanol cash prices were mostly UNCH to 13c weaker to $2.06 to $2.39/gal. DDGS were mostly $5 lower to $20 weaker to $175 to $200/ton regionally. The corn oil market was mostly 2 to 8 cents lower from 56 to 70 cents per pound.
Weekly CFTC data showed managed money corn traders were closing shorts to reduce their net short by 3.8k contracts for the week. At 108,870 contracts net short as of 10/17, the funds have been net short for 11 consecutive weeks. Commercial corn hedgers also closed 5.9k short hedges during the week, reducing their net short to 66,933 contracts.
The International Grains Council reduced their forecast for 23/24 corn output by 3 MMT to 1.219 billion MT. Carry-in was also reduced with few changes made on the usage side, for a 6 MMT lighter ending stocks.
Dec 23 Corn closed at $4.95 1/2, down 9 1/2 cents,
Nearby Cash was $4.66 3/8, down 9 cents,
Mar 24 Corn closed at $5.09, down 8 cents,
May 24 Corn closed at $5.16 1/2, down 7 1/2 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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