Corn Heads Slightly Higher on Monday Morning

Corn prices start Thanksgiving week with fractional to 1 ¼ cent gains out of the weekend. After a wide (19 ½c) ranged week, Dec futures last week a net 3 cents higher. Friday’s session itself left the board 4 ¼ to 8 cents in the red. Preliminary open interest showed long liquidation, dropping 2,792 contracts across all months. Note, the Dec options expire on Friday and the market settles early @ 12:05 CST. 

CFTC reported managed money held a 163,486 contract net short in corn as of 11/14. That was a 5,102 contract weaker net short for the week, driven by net new buying. The commercial corn traders were 5,664 contracts more net short via net new selling to 34,173 contracts. 

USDA’s weekly Ethanol report showed the cash market was mostly weaker within 5c of UNCH ranging from $1.70/gal to $1.93/gal regionally. DDGS prices were higher by $2-$12/ton ranging from $190 to $235 regionally. The cash corn oil trade was mostly 1-4 cents stronger, with W. IA and IL down a penny for the week. Prices were shown from 52 to 59 cents/lb. 

Buenos Aires Grains Exchange reduced their estimated planted area for Argentine corn by 3% to 7.1m HA (~17.6m acres). 

Dec 23 Corn  closed at $4.67, down 7 3/4 cents, currently up 1 1/4 cents

Nearby Cash   was $4.41 7/8, down 7 5/8 cents,

Mar 24 Corn  closed at $4.85 1/4, down 8 cents, currently up 3/4 cents

May 24 Corn  closed at $4.96, down 7 1/2 cents, currently up 1/2 cents