Corn prices are starting off the week with a penny loss across the active contracts. Futures are off their overnight lows into the day trade – March saw a 5c range from -4 ¾ to +¼ cents. Corn ended Friday with 1 ½ to 2 cent gains, leaving the March contract at a net 2 ¼ cent gain for the week. March corn finished the month of November with a net 10 ¼ cent loss. The Dec/Dec spread was back below a 50c premium at the close, though the new crop soy/corn ratio improved to 2.596.
There were 652 delivery notices vs. December corn over the weekend, mostly from SG Americas and ADMIS clients. No strong stopper was evident.
Per CFTC, corn spec fund traders were adding shorts during the week that ended 11/28, with a 20,976 contract stronger net short of 206,478 contracts – their strongest net short position since June of 2020. Commercial corn hedgers were dropping positions with 162k fewer in play and a 24,241 contract swing to flip the group to 177 contracts net long – the first net long also since June of 2020.
NASS reported 461.5 mbu of corn was consumed for ethanol during the month of October, which was the most for the month since Oct ’17. That raised the season total to 892 mbu, compared to 832 mbu last year.
Dec 23 Corn is at $4.68 1/2, up 6 3/4 cents, currently down 5 1/2 cents
Nearby Cash is at $4.55 1/1, up 13 7/8 cents,
Mar 24 Corn is at $4.88 3/4, up 6 cents, currently down 1 cent
May 24 Corn is at $5.00 1/4, up 5 1/4 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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