Tuesday Session for Corn

Futures trading in the US will resume at 8:30 AM CDT following the July 4th holiday. July corn futures closed up by 10 3/4 cents on Friday as the delivery process is underway and OI shrinks. New crop contracts ended the day with 9 to 12 1/2 cent losses heading into the July 4th weekend. Preliminary open interest rose 5,371 contracts on Friday, net new selling. There were no deliveries issued against July corn, with the oldest long still dated 9/30/21. 

USDA reported average corn oil cash prices ranged 70.73 to 73.40 cents/lb regionally through the week that ended 7/1. That was down from 74-76.5 c/lb prices last week. DDGS FOB prices were $282/ton in the gulf and $307/ton in the PNW this week, down $18-26 and $15/ton wk/wk. 

CFTC’s weekly CoT report showed corn spec traders were closing longs through the week that ended 6/28. That left their net long 36,649 contracts smaller at 228,615 on Tuesday. Commercial corn hedgers lifted 223,224 contracts (14.5%) through the week for a 58k contract weaker net short. At 507,502 contracts as of 6/28, that was the commercial’s smallest net short since October as they work to clear the house before harvest. 

USDA reported May’s ethanol corn use was 446.149 mbu. That was up 7% from April on one extra day, though was below March’s corn grind and was down ~2mbu yr/yr. Accumulated ethanol usage was 4 bbu through May, which is 74.5% of the WASDE forecast with 75% of the marketing year completed.  

Jul 22 Corn  closed at $7.54 1/2, up 10 3/4 cents, 

Nearby Cash  was $7.05 1/8 on Friday, down 9 1/4 cents,

Sep 22 Corn  closed at $6.19 3/4, down 9 cents, 

Dec 22 Corn  closed at $6.07 1/2, down 12 1/4 cents, 

New Crop Cash  was $5.94 ¾ on Friday, down 7 1/2 cents,