Corn futures are at their overnight highs so far with prices 2 to 4 cents in the black. The market faded on Friday with 1 ¾ to 5 cent losses across the front months. May futures were still up by a net 11 cents for the week, and Dec prices were up by a net 9 ½ cents on the week.
CME added another 113 March corn deliveries overnight. SG Americas issued most of them, with ADM the largest stopper. MTD corn deliveries totals 116 contracts.
Weekly CFTC data showed managed money corn traders held a 295,258 contract net short in corn futures as of 2/27. That was a 45.5k contract reduction via short covering through the week. Commercial corn hedgers also reduced exposure during the week, dropping 115.3k contracts and reducing their net long by 36k to 22,133 contracts.
The monthly Grain Crush report had 433.6 mbu of corn processed for ethanol during the month of Jan. That was under the average trade estimate and a 10.4% drop from the month prior. Jan ’23 ethanol grind was 440.96 mbu. The marketing year total corn draw reached 2.266 bbu through January.
Mar 24 Corn closed at $4.12 1/4, down 3 1/2 cents, currently up 1 3/4 cents
Nearby Cash was $3.96 3/4, down 3 5/8 cents,
May 24 Corn closed at $4.24 3/4, down 4 3/4 cents, currently up 4 1/4 cents
Jul 24 Corn closed at $4.36 1/4, down 5 cents, currently up 3 1/2 cents
Dec 24 Corn closed at $4.59 1/4, down 4 cents, currently up 2 cents
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