Corn kept to a tight trading range overnight, not wavering by more than 3c; The entirety of that trading range, however, was in the red. Morning quotes have the board 1 ¼ to 2 cents lower into the day session. 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. Preliminary open interest suggested some net new buying interest, rising 8,825 contracts on Friday. March corn completed the week with a net 2 ½ cent loss. The new crop soy/corn ratio was 2.491 at the close on Friday, 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.
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, currently down 1 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, currently down 1 3/4 cents
Jul 24 Corn closed at $5.04 3/4, up 3 1/4 cents, currently down 1 1/2 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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