The nearby corn market ended the last trade day of the week with 1 ¼ to 3 cent losses. That left March corn with a weekly 2 ½ cent loss, and a monthly 11 ½ cent loss. Through the calendar year of 2023, March corn futures traded in a $1.65 range.
Weekly CFTC data showed managed money corn traders were 3,098 contracts less net short for the week given net new buying. That left the group 177,626 contracts net short as of 12/26. The commercials were shown with a 19,436 contract net short, 793 contracts stronger for the week given net new selling.
The weekly corn export sale was 1.242 MMT during the week that ended 12/21. That was more than the top end of estimates and was a 23% increase for the week. USDA reported that Mexico was the top buyer for the week with over 500k MT. Total commitments for the season were listed as 29.4 MMT compared to 21.42 MMT last year.
The weekly EIA data showed ethanol producers averaged 1.107m barrels/day for the week that ended 12/22. That was nearly a new record, behind the 1.108 million bpd record from Dec 1 ’17. Ethanol stocks increased 611k barrels for the week to 23.517 million – a 35-wk high.
Mar 24 Corn closed at $4.71 1/4, down 3 cents,
Nearby Cash was $4.45 7/8, down 2 3/8 cents,
May 24 Corn closed at $4.84, down 2 1/2 cents,
Jul 24 Corn closed at $4.94, down 2 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 Disclosure Policy here.
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