Grainland Farmers -

Corn Futures Mixed as Daylight Marches Westward

Alan Brugler - Barchart - Mon May 17, 12:23PM UTC

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ZCN24 - Corn

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Corn futures 2 cents lower to 4 cents higher, rebounding from a Sunday evening sell off attempt. Corn went into the weekend riding losses on both Thursday and Friday. Preliminary OI suggests Friday’s selling was mainly long liquidation in the July contract, with net new sellers in the rest. May futures expired at $6.85/bushel leaving a 42 cent expiration gap to July. New crop prices tightened the inverse on Friday, as December is now $1.01 below July.

Private analyst HIS Markit estimated US corn plantings will total 96.8 million acres, vs. the USDA March number of 91.1 million. This fueled the selling in December futures.

The weekly CFTC report with data from Tuesday the 11th showed managed money funds had closed 51,693 longs ahead of USDA’s report. The liquidation reduced their net long 56k contracts to 316,336. Commercials added 97,761 contracts of OI through the week, reducing their net short 48,677 to 673,963 contracts.

Spot prices for DDGS in China were cited between 2,600 and 2,700 yuan/MT ($366.3/ton to $380.4/ton). Cash corn bids ranged 2,580 yuan to 2,940 yuan/MT ($10.05 to $11.60/bu).

USDA’s Daily Ethanol report cited spot DDGS bids at $285/ton in NOLA and $264/ton in the PNW. Corn oil prices were seen between 49.75 and 52.29 cents/lb.

Jul 21 Corn closed at $6.43 ¾ on Friday, down 31 cents, and is 4 ½ higher this morning

Nearby Cash was $6.58 on Friday, down 31 1/8 cents,

Sep 21 Corn closed at $5.63, down 20 cents, and up ¼ this morning

Dec 21 Corn closed at $5.42 3/4, down 15 1/2 cents, and down 2 ½ this morning

New Crop Cash was $5.18 2/5 on Friday, down 15 1/2 cents,

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