Corn Rallies into Extended Weekend

Corn futures rallied off early session losses to recover 5 3/4 to 8 3/4 cents on the day. In recognition of Martin Luther King Jr. the markets will be closed on Monday. New crop corn futures were fractionally to 1 3/4 cents firmer at the bell. USDA saw corn oil prices between 61.75 and 63.70 cents/lb regionally this week. Average prices last week ranged 57.5 to 59 cents regionally. DDGS prices were steady to weaker compared to last week, as USDA saw the week’s average NOLA FOB at $248.50/ton and the PNW at $287/ton. 

The weekly average ethanol cash prices came were significantly lower. USDA had SoDak ethanol cash prices at $2.50/gal last week compared to $1.99 for the week that ended 1/14. The other regions dropped from $2.34 - $2.07 last week to $2.11 - $1.94/gal. 

The CFTC reported managed money corn traders at 344,379 contracts net long as of 1/11’s settle. That was down 21k contracts from the week earlier mainly driven by long liquidation into the USDA reports. The commercials were seen 2,27 contracts more net short as they added 8.8k contracts of hedge OI wk/wk. 

The International Grains Council reduced their global corn output forecast by 5 MMT to 1,207 MMT. Carryout was maintained at 287 MMT as IGC reduced the consumption. 

Mar 22 Corn  closed at $5.96 1/4, up 8 3/4 cents,

Nearby Cash  was $5.83 7/8, up 8 3/4 cents,

May 22 Corn  closed at $5.97 1/4, up 7 3/4 cents,

Dec 22 Corn  closed at $5.58 1/4, up 1/2 cent,

New Crop Cash  was $5.40 1/4, up 7/8 cent,