The corn market ended Friday up by 2 ¾ to 3 cents. That left the May contract with a net 2 ¾ cent loss for the week. March did leave an expiration gap down near $4.20.
CFTC reported major short covering from the funds during the week that ended 3/12. Managed money traders dropped 37.6k short contracts (8% of existing); along with some net new buying interest that reduced their net short to a 9-wk low of 256k contracts. The commercial corn hedgers however added short hedges with +50k new shorts vs 7.2k new longs during the week. That flipped them back to net short by 31,068 contracts.
The weekly FAS data had 1.283 MMT of corn sold for the week that ended 3/7. Total corn commitments were up to 1.594 bbu. That is 27% above last year’s pace – the WASDE balance sheet has full year exports forecasted 26.4% above last year’s total.
May 24 Corn closed at $4.36 3/4, up 3 cents,
Nearby Cash was $4.11 1/4, up 3 5/8 cents,
Jul 24 Corn closed at $4.49, up 2 3/4 cents,
Dec 24 Corn closed at $4.70 3/4, up 3 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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