Corn futures faded into the weekend with 1 ½ to 2 cent losses. May maintained a weekly gain of 2 ½ cents and Dec futures were 4 ½ cents above last Friday at the close.
USDA’s National Weekly Ethanol report showed ethanol prices were mostly UNCH this week from $1.36 to $1.50/gal regionally. The cash DDGS market ranged from $170 to $210/ton this week, mostly ~$5/ton higher. Corn oil was mostly within 3c of last week from 40 to 45 cents/lb regionally.
Weekly CFTC data showed managed money dropped 25k contracts in their corn position, mainly short covering, during the week that ended 3/19. That reduced the group’s net short by 12.9k contracts to 242,988. Commercial corn traders were adding hedges through the week, which built their net short to 45,723 contracts.
USDA’s weekly Export Sales report had 1.19 MMT of corn was booked during the week that ended 3/14. That was at the high end of the expected range but was down 8% for the week and was under the 3.1 MMT sold during the same week last year. Total commitments were up to 41.7 MMT, which is 19% ahead of last year’s pace.
BAGE reported Argentina’s corn harvest was 3.7% completed as of 3/21. They lowered their output forecast by 2.5 MMT.
May 24 Corn closed at $4.39 1/4, down 1 1/2 cents,
Nearby Cash was $4.16 5/8, down 1 1/4 cents,
Jul 24 Corn closed at $4.52, down 2 cents,
Dec 24 Corn closed at $4.75 1/4, down 1 1/2 cents,
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