The corn market is coming out of the weekend with fractional to 1 ½ cent losses across the nearby futures. The bears pushed corn futures another 2 to 4 cents lower on Friday. Dec set a new low for the move, to levels not seen since 2021, as the market fell a net 13 ¼ cents for the week. New crop Dec futures were down by 10 ¾ cents from Friday to Friday. Preliminary open interest showed net new selling of 5,889 contracts on Friday, with long liquidation in the nearby December. The weekly CoT data will be available later today due to 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 national average corn yield to 174.9, for a 170 mbu production increase on Thursday. Carryout was upped by 45 mbu to 2.156 billion. The market’s job is to attract buyers to shrink that large projected inventory. Global WASDE numbers saw a 6.3 MMT production increase, mostly U.S., to 1.221b MT, and a 2.6 MMT looser carryout of 315 MMT.
Dec 23 Corn closed at $4.64, down 4 cents, currently down 1 1/4 cents
Nearby Cash was $4.38 5/8, down 4 1/8 cents,
Mar 24 Corn closed at $4.79, down 3 3/4 cents, currently down 1 cent
May 24 Corn closed at $4.88 1/2, down 3 cents, currently down 1 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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