Corn ended the Friday session a penny off the lows, which were new LoC lows for the market. At the settle the board was 3 ¼ to 4 ¼ cents in the red. March futures were down by 13 ¾ cents for the week. Dec corn was down by 8 ½ cents for the week, and had set new lows for the move, but is still above the sub-$4 LoC lows from Feb ’21.
The weekly CFTC report showed spec money was pushing their short in corn with 24k new shorts and a 17.5k contract stronger net short of 297.7k contracts as of 2/6. The commercial corn hedgers were adding long hedges which pushed their net long 5.5k contracts stronger to 23.5k.
The weekly ethanol report from USDA’s AMS had cash ethanol prices from $1.37/gal to $1.60/gal this week regionally. That was mostly 4 to 10 cents/gal weaker from the week prior. DDGS were quoted within $5/ton of last week mostly near $180-$220. The cash corn oil market was mostly UNCH to 3c lower from 42 to 48 c/lb regionally.
The global updates from the WAOB had world corn production 3.16 MMT lower via a 3 MMT cut to Brazil, now at 124. The trade was looking for a 2.2 cut to Brazil, though CONAB took their estimate down to 113.7 MMT. Most of that came out of their 2nd crop, with less expected acreage. WAOB took the lower output out of stocks, which were 3.16 MMT tighter to 322 MMT.
Mar 24 Corn closed at $4.29, down 4 1/4 cents,
Nearby Cash was $4.09 1/2, down 4 1/4 cents,
May 24 Corn closed at $4.41 1/2, down 3 1/2 cents,
Jul 24 Corn closed at $4.50 3/4, down 3 1/4 cents,
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