The Friday trade limited the week’s drop for the corn market with 1 ½ to 2 ½ cent gains on the day. Dec traded from -1 to +4 ¾ cents in the day’s range. Futures were still down by 14c for the week’s move.
The weekly CFTC data showed managed money funds were exiting corn positions with a 19k contract drop in OI. Spec trader short covering led the way for most of that OI drop, leaving the funds 8k contracts less net short at 100,430 contracts as of 10/24. The commercial corn hedgers added positions, upping OI by 17.4k contracts for the group. That expanded their net short by 7k contracts to 74,100.
USDA’s national weekly Ethanol report showed the cash market for ethanol ranged $1.93 to $2.25 regionally, mostly 1 to 13 cents lower. The DDGS market was mostly $2-$10/ton stronger for the week from $185 to $210 regionally. Corn oil business ranged from 57 cents to 62 cents regionally this week, mostly UNCH to 6 c/lb weaker.
The European Commission raised their corn production forecast by 100k MT to 59.9 MMT.
Dec 23 Corn closed at $4.80 3/4, up 1 1/2 cents,
Nearby Cash was $4.52 1/8, up 1 3/4 cents,
Mar 24 Corn closed at $4.95 1/4, up 2 cents,
May 24 Corn closed at $5.03 1/2, up 2 1/4 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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