Front month corn futures are fractionally mixed after fading overnight. Sep is trading fractionally higher rolling into Monday. Nearby corn futures were 2 3/4 to 3 3/4 cents in the black on Friday. Preliminary open interest showed short covering in nearby September, but net new buying overall at 5,743 contracts. December saw a 13 cent range for the day, but ended the day back below the $5 mark. December corn had a net 33 cent loss for the week.
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 production estimate.
Sep 23 Corn closed at $4.84 1/4, up 3 1/2 cents, currently up 1/2 cent
Nearby Cash was $5.24, up 3 5/8 cents,
Dec 23 Corn closed at $4.97 1/4, up 3 3/4 cents, currently down 1/4 cent
Mar 24 Corn closed at $5.10 1/2, up 3 1/4 cents, currently down 3/4 cent
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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
