The corn market faded on Friday with 12 ¾ to 5 cent losses over the previous months. May futures were still up a net 11 cents on the week, and Dec prices were up a net 9 ½ cents on the week.
Weekly CFTC data showed that managed currency corn traders held 295,258 contracts net short in corn futures as of 2/27. That was a 45.5k contract reduction by short covering through the week. Commercial corn hedgers also reduced exposure during the week, shedding 115.3k contracts and reducing their net long by 36k to 22,133 contracts.
Grain Crush’s monthly report had 433.6 mbu of corn processed for ethanol during the month of January. That was below the average trade estimate and a $10 drop for the month. Jan ’23 ethanol grinding was 440.96 mbu. The total corn draw of the season reached 2,266 bbu through January.
The tax advice regarding ethanol based SAF (sustainable aviation fuel) tax advice was missed with a delay for the parliament. The tax credits are expected to increase ethanol SAF production.
Mar 24 Corn closed at $4.12 1/4, down 3 1/2 cents,
Close Cash was $3.96 3/4, down 3 5/8 cents,
24 May Corn closed at $4.24 3/4, down 4 3/4 cents,
24 Jul Maize closed at $4.36 1/4, down 5 cents,
Dec 24 Corn closed at $4.59 1/4, down 4 cents,
As of 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 for informational purposes only. For more information, please see Barchart’s Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.