Nearby corn prices were another 4 ¾ to 5 ¾ cents weaker on Friday completing the week a net 10 ½ cents lower for March. That was also a new contract low.
Weekly data from CFTC had the managed money spec funds closing longs and adding shorts for a 19.7k stronger net short of 197,326 contracts as of 1/2 . That’s he 2nd (after 11/28) strongest net short since June 2020. Commercial corn hedgers were net new buyers during the week ending ½, and slipped to net long. The 2,233 contract net long was their strongest also since June of 2020.
Weekly FAS data showed 368k MT of corn was booked during the week that ended 12/28. That was a MY low and down 70% from the week prior. Sorghum sales were shown as 18.7k MT which was up from 11k the week prior. Total commitments were listed at 29.79 MMT for corn and 3.93 MMT for milo as of 12/28.
Weekly data from EIA showed ethanol producers averaged 1.049 million barrels per day during the week that ended 12/29. That was down from the 2nd most all time the week prior and a 4-wk low that was likely influenced by the holiday.
Argentine corn planting has advance to 78% complete as we’re now in the ‘late’ planting window.
Mar 24 Corn closed at $4.60 3/4, down 5 3/4 cents,
Nearby Cash was $4.34 5/8, down 5 3/8 cents,
May 24 Corn closed at $4.73 1/4, down 5 3/4 cents,
Jul 24 Corn closed at $4.83 3/4, down 5 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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