Corn Futures Higher on Russian Moves

Following March options expiration and the Russians moving combat troops into the Luhansk and Donetsk areas of Ukraine, corn prices are 1 to 6 cents higher this morning.  They had closed 2 to 4 1/4 cents higher on Friday, with March going home at $6.54 1/4. 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. 

Mar 22 Corn  closed at $6.54 1/4, up 4 1/4 cents, up 6 ¾ this morning

Nearby Cash  was $6.38 7/8 on Friday, up 4 1/8 cents,

May 22 Corn  closed at $6.52 3/4, up 3 1/2 cents, up 5 this morning

Dec 22 Corn  closed at $5.97 ¾ on Friday, up 1 1/4 cents, up 1 ¼ this morning

New Crop Cash  was $5.81 5/8, up 3/4 cent,