Corn Closes Higher For First Time In 9 Sessions
Nearby corn futures were 2 3/4 to 3 3/4 cents in the black on Friday. December saw a 13 cent range for the day, but ended the day back below the $5 mark. December corn closed out the week’s trade with a net 33 cent loss.
CFTC data showed managed money traders adding corn positions through the week that ended 8/1. The 15.2k new longs were offset by 25k new short contracts, which left the group at a 16,741 contract net long. Commercial traders reduced their net short by 8.3k contracts with light net new long hedges added through the week.
USDA’s weekly Ethanol report had cash prices from $2.02 to $2.43/gal this week regionally, with most quotes UNCH to 31 cents weaker. DDGS were quoted UNCH to $25/ton lower for the week from $190-$2.20/ton regionally. The cash corn oil market was mostly UNCH to a penny lower, though some regions saw higher quotes. Trade ranged from 60-70 cents/lb regionally.
The BAGE reported Argentina’s corn harvest reached 73% complete, as they maintained their 34 MMT estimate. The French Ag Ministry expects France will bring in 11.2 MMT for the ’23 corn harvest – up from 10.9 MMT last season, but still 16% below the 5-yr average.
Sep 23 Corn closed at $4.84 1/4, up 3 1/2 cents,
Nearby Cash was $5.24, up 3 5/8 cents,
Dec 23 Corn closed at $4.97 1/4, up 3 3/4 cents,
Mar 24 Corn closed at $5.10 1/2, up 3 1/4 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
