The corn market came out of the weekend sideways, but futures fell into the AM. Current quotes are off the overnight lows but still fractionally weaker. Open interest data from CME showed Friday was mostly long liquidation in the March and May contracts, with some net new buying further out. Corn finished Friday with fractional to 2 ½ cent losses across the front months. That left the March contract at just a ¾ cent gain for the week’s trade.
There were 35 deliveries vs. December corn over the weekend, all stopped by ADM for the house account.
Weekly CFTC data showed corn spec traders were closing shorts and adding longs during the week that ended 12/5. That left the group with a 160,533 contract net short. The commercial hedgers were closing longs through the week, flipping them back to net short by 39,754 contracts.
USDA’s monthly WASDE showed a 25 mbu increase for the U.S. corn export program. That came out of carryout, dropping it to 2.131 bbu. Global corn adjustments saw a 1.3 MMT increase to corn production (Russia and Ukraine both +1 MMT, Egypt +200k, Canada -200k MT) to 1.222 billion MT.
Dec 23 Corn closed at $4.65 3/4, down 2 1/2 cents, currently down 1/4 cent
Nearby Cash was $4.55 1/1, down 2 3/8 cents,
Mar 24 Corn closed at $4.85 1/2, down 2 1/2 cents, currently down 1/4 cent
May 24 Corn closed at $4.97 1/2, down 2 cents, currently down 1/2 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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