The domestic corn futures market ended the Friday session with 9 1/4 to 10 1/2 cent gains. That was the highest close for the March contract, though at the high March was still a nickel under yesterday’s LOC high.
Private exporters reported a 128k MT old crop corn sale to Japan this morning via a flash announcement.
USDA saw the average cash price for corn oil from 71.63 to 72.4 c/lb regionally through the week that ended 2/11. That compared to between 69.67 and 71.57 cents last week. Ethanol cash prices were weaker to between $1.88 to $2.06/gal. FOB DDGS prices were seen higher at $273 - $285/ton in NOLA and steady at $298 in the PNW.
CFTC data showed that managed money funds closed 27.9k longs through the week leading into the report. That reduced their net long by 35,219 contracts to 337,332 contracts. The commercials reduced shorts, but added long hedges for a 22,679k contract weaker net short.
The Buenos Aires Grains Exchange mentioned that 51 MMT in Argentina is still in play with timely rains, though mentioned persistent dryness would warrant further cuts. Rosario Grains Exchange also maintained their estimate, though at 48 MMT for February.
Mar 22 Corn closed at $6.51, up 9 1/4 cents,
Nearby Cash was $6.35 7/8, up 9 1/4 cents,
May 22 Corn closed at $6.50 1/2, up 10 cents,
Dec 22 Corn closed at $5.94 3/4, up 10 cents,
New Crop Cash was $5.79 5/8, up 11 cents,
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