At the closing bell for the final trade day of the week, corn futures were 2 to 4 1/4 cents higher, with March going home at $6.54 1/4 March options expired at the close. New crop futures ended with gains as well, though moves there were limited to 1 1/4 cents. Dec set a new LoC high on Friday at $5.99 1/2 cents.
Managed money firms were 325,514 contracts net long in corn as of 2/15 according to the CFTC’s latest data. That was down 11,818 contracts from last week, driven mostly by long liquidation. Commercial corn traders added hedges through the week, with a net 43,793 contracts of additional open interest and a net 4,189 contract stronger net short – to 667,107.
USDA reported the weekly average corn oil price was reported from 71.82 and 73 cents/lb regionally. That compares to 71.63 to 72.40 cents seen regionally last week. DDGS FOB export quotes were $275 - $285/ton in NOLA and $298 in the PNW through the week that ended 2/18. That is fairly even with last week’s $273 - $285 and $298/ton quotes respectively.
Mar 22 Corn closed at $6.54 1/4, up 4 1/4 cents,
Nearby Cash was $6.38 7/8, up 4 1/8 cents,
May 22 Corn closed at $6.52 3/4, up 3 1/2 cents,
Dec 22 Corn closed at $5.97 3/4, up 1 1/4 cents,
New Crop Cash was $5.81 5/8, up 3/4 cent,
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