The corn market firmed up in the afternoon on Friday and ended the last trade day of the week near the session highs on 3 ¼ to 3 ¾ cent gains. For March corn that completed the week on a net 2 ½ cent loss. The new crop soy/corn ratio was 2.491 at the close, compared to 2.509 at the start of November. Corn holds a 25 ¾ cent carry to Dec ’24 quotes.
The weekly CFTC data showed managed money closed out of 11.3k shorts during the week that ended 12/12. With some light long liquidation as well, that left the group 9k contracts less net short at 151,570 contracts. The commercial corn traders extended their net short by 6k contracts for the week to 45,655.
USDA’s national weekly Ethanol report showed the average price was mostly 2 to 12 cents lower form $1.47 to $1.65/gal. The DDGS market was $185 - $235 regionally, and was mixed from $15 weaker to $30/ton stronger. The corn oil cash market was mostly 1-4 cents lower from 49 to 56 cents/lb regionally.
The Buenos Aires Grains Exchange reported corn plating at 49% complete, a 9% point advancement for the week.
Mar 24 Corn closed at $4.83, up 3 3/4 cents,
Nearby Cash was $4.54 7/8, up 3 3/4 cents,
May 24 Corn closed at $4.95 1/4, up 3 1/4 cents,
Jul 24 Corn closed at $5.04 3/4, up 3 1/4 cents,
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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