Corn Gains into Weekend

Friday’s corn market ended with futures 2 to 5 1/4 cents in the black. The March contract completed the week with a 3.35% gain. USDA reported the week’s average cash corn oil price ranged from 62.5 cents to 64.38 cents regionally. That was between a 70 point and a 158 point increase from last week’s market. Spot DDGS FOB rates were firm to $4/ton lower with NOLA ranging $241-252/ton and PNW at $287. 

Some analysts said U.S. corn acres would be 90.4m for 22/23. If realized, that would be a nearly 3m acre dip yr/yr, with high fertilizer costs as the driver. 

USDA announced a private export sale for 247,800 MT of corn to unknown destinations this morning under the daily system. The weekly Export Sales data showed 1.091 MMT of corn was booked during the week that ended 1/13. That was more than double the New Years week and above the range of estimates, but was still 25% lighter yr/yr. Corn exports during the week were 1.3 MMT. That was a  MY high led by +300k MT to both China and Mexico and a 214k MT shipment to Japan. The data had MYTD corn commitments at 42.55 MMT or 1.67 bbu as of 1/13. 

CFTC data had managed money at 326,523 contracts net long in corn as of the 1/18 settle. That was a 17,856 contract weaker position than the week prior due to spec trader long liquidation. The commercials were also lifting hedges through the week, with a 20k contract weaker net short of 630,775. 

Mar 22 Corn  closed at $6.16 1/4, up 5 1/4 cents,

Nearby Cash  was $6.02 3/8, up 4 3/4 cents,

May 22 Corn  closed at $6.14, up 3 1/4 cents,

Dec 22 Corn  closed at $5.65 1/4, up 3 cents,

New Crop Cash  was $5.49 5/8, up 2 1/4 cents,