Corn Up 6 to 10 Cents Per Bushel to Begin Week

The new week of corn trading starts with futures 6 to 10 cents higher. After trading mostly lower through the week, corn went into the weekend with front month futures gains. Old crop bounced 3 3/4 to 5 1/2 cents on Friday, with March completing the week at a net 15 1/2 cent loss. New crop prices went home 5 1/2 to 6 1/4 cents higher on Friday. 

The weekly CoT report showed managed money funds were net buyers of corn through the week that ended 2/1. The additional 9,602 contracts of OI left the group 6,946 contracts more net long to a 5-week strong 372,551 contracts. Commercial corn traders added 38,288 new hedges through the week. That created the biggest commercial short since May 4th at 685,597 contracts. 

Traders surveyed ahead of the monthly S&D estimates expect USDA to reduce domestic corn carryout by 41.8 mbu to 1.498 billion. Global corn stocks are estimated at 299.5 MMT on average, which would be down by 3.6 MMT vs. the January report. For South America, analysts expect to see between a 1.1 MMT boost to a 5 MMT cut from Brazil and between UNCH to 5 MMT for Argentina. The average estimate is to see USDA go with 113.3 MMT for Brazilian corn production and 52.1 MMT for Argentinian output. 

Second crop corn planting in the state of Mato Grosso is thought to be 42% completed, well ahead of the 15% average pace. Record acreage is anticipated. 

Mar 22 Corn  closed at $6.20 1/2, up 3 3/4 cents, up 10 ¾ this morning

Nearby Cash  was $6.06 7/8 on Friday, up 3 3/4 cents,

May 22 Corn  closed at $6.21 3/4, up 4 1/2 cents, up 10 ¾ this morning

Dec 22 Corn  closed at $5.73 3/4, up 5 1/2 cents, up 6 ¾ this morning

New Crop Cash  was $5.57 on Friday, up 5 5/8 cents,