Corn Futures Bounce Into Weekend

Nearby corn futures prices were stronger on Friday with 6 1/4 to 8 cent strength into the weekend. For December that left the board a net 19 cents weaker from last Friday’s close. USDA reported the week’s corn oil prices were UNCH to 5c/lb higher wk/wk from 68 to 78 cents regionally. DDGS at the plant ranged from $190 to $265/ton regionally for the week that ended 8/19. 

CFTC’s Commitment of Traders data showed corn spec traders were adding new longs during the week that ended 8/16. That left the group 11,778 contracts more net long at 153,840 contracts – a 6 week high. Commercial corn traders reduced long hedges and added new shorts for a 9,978 contract larger net short of 383,520 contracts. 

The IGC dropped their corn production forecast by 10 MMT to 1,179 MMT. That is now down 30 MMT yr/yr. Carryout stocks were also tightened by 6 MMT from their July figure.  FranceAgriMer reduced their corn condition ratings to 50% good/very good as of 8/15. 

Chinese Customs data had July corn imports at 1.54 MMT, which was down 46% from July ’21. The 7-month YTD accumulated total reached 15.13 MMT compared to 17.66 MMT last year. China also imported 1.32 MMT of milo in July and 1.94 MMT of fertilizer. Those were +19.6% and -48.6% compared to July ’21 respectively. 

Sep 22 Corn  closed at $6.26, up 6 1/4 cents,

Nearby Cash   was $6.78 3/4, up 5 7/8 cents,

Dec 22 Corn  closed at $6.23 1/4, up 7 1/2 cents,

Mar 23 Corn  closed at $6.30 1/2, up 7 3/4 cents,

New Crop Cash   was $5.90 3/4, up 7 1/2 cents,