Friday Weakness for Corn Market

Current corn quotes are trading 4 ½ to 5 ½ cents in the red. CME OI data confirmed yesterday’s losses were net new selling with 7k new contracts added across all delivery months. Dec corn lost 16.9k contracts of OI yesterday. There were also 13k calls added on report day. The weekly CoT data will be available Monday in recognition of Veteran’s Day. 

The weekly Ethanol report from USDA showed ethanol prices averaged $1.70 to $1.90/gal regionally, mostly UNCH to 20 cents weaker. The DDGS market was mostly UNCH to $30/ton stronger this week, from $180 to $225/ton regionally. Corn oil traded from 53 to 58 cents/lb regionally, mostly UNCH for the week. 

NASS raised the corn yield nationally by 1.9 bpa yield increase nationally to 174.9. The trade was looking for a 0.3 bpa increase. That lifted production by 170 mbu to 15.234 billion. Carryout was upped 45 mbu on net, after some increased demand, to 2.156 billion.

Global WASDE numbers saw a 6.3 MMT production increase, mostly U.S., to 1.221b MT. Exports were upped by 3.4 MMT, and Carryout was 2.6 MMT looser at 315 MMT.  Brazil’s CONAB estimated corn area slightly lower for a 338k MT reduced output of 119.07 MMT. USDA is officially at 129 MMT for Brazilian corn production. 

The weekly Export Sales data showed 1.015 MMT of corn was sold during the week that ended 11/2. Shipments for the season total reached 5.814 MMT – 32% ahead of last season’s pace. Commitments are 31% ahead of last year’s pace. 

Dec 23 Corn  is at $4.62 1/4, down 5 3/4 cents,

Nearby Cash   is at $4.36, down 5 3/4 cents,

Mar 24 Corn  is at $4.77 3/4, down 5 cents,

May 24 Corn  is at $4.86 3/4, down 4 3/4 cents,