Corn futures are starting off the last full week of January fractionally mixed but mostly lower after a 2 to 3 cent overnight range. March had traded from -1 ¼ to +1 ¼ cents to start the week. Front month corn prices ended the Friday session fractionally to 1 ½ cents higher. Nearby March had a net 1 ½ cent loss for the week after printing new contract lows. Preliminary open interest rose 23,517 contracts on Friday despite very modest upward price movement.
USDA confirmed on Friday that post holiday Export Sales had returned to a more typical level, with 1.251 MMT sold in the week ending January 11, at the top end of trade estimates. Mexico and Colombia were the biggest buyers. New crop sales totaled 20,000 MT.
The Friday afternoon Commitment of Traders report showed commercials shifting from flat to net long 25,449 contracts in the week ending 11/16. The Managed money spec funds increased their net short by 29,819 contracts during the week, to -260,542. That was their largest net bearish position since June 2020.
Mar 24 Corn closed at $4.45 1/2, up 1 1/2 cents, currently up 1/4 cent
Nearby Cash was $4.22 1/1, up 2 cents,
May 24 Corn closed at $4.56, up 1 cent, currently down 1/4 cent
Jul 24 Corn closed at $4.64 1/4, up 3/4 cent, currently down 1/2 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 Disclosure Policy here.
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
