Corn Rallies into Weekend
Related Stocks
 ZCZ21 - Corn

Corn futures bounced on the last trade day of the week, headed into the break on 6 1/2 to 9 cent gains. For December that limited the week’s loss to just 4 1/4 cents. December ’21 is again a premium to red Dec. USDA reported corn oil prices from 61 to 61.75 cents/lb during the week of 10/15. That compared to 60.8 to 61.7 c/lb last week. DDGS prices at the Gulf were lower to between $214 - $233/ton, while PNW FOB quotes ranged $255 - $262/ton.  

USDA’s weekly Export Sales data showed 1.04 MMT of corn was booked through the week of 10/7. Mexico was the top buyer during the week, booking 790,200 MT – of which 479,256 MT was previously announced. The week’s 918k MT of shipments were down 6% from last week, but still the second largest for the season. Accumulated exports were at 3.415 MMT through 10/7 according to the weekly data.  

Weekly CFTC data showed managed money was 227,931 contracts net long as of 10/12. That was a 22.7k contract slide to their net position from last week, driven mainly by net new sellers. Commercial positions reduced their net short by 14k contracts, on newly opened long hedges, to 455,550 contracts.  

The Buenos Aires Grains Exchange reported Argentine corn at 23.2% planted. FranceAgriMer had French corn 15% harvested as of 10/11, which trails last year’s 62% pace.  

Dec 21 Corn  closed at $5.25 3/4, up 9 cents, 

Nearby Cash   was $5.05 1/7, up 8 3/4 cents, 

Mar 22 Corn  closed at $5.34 1/4, up 8 1/2 cents, 

May 22 Corn  closed at $5.38 3/4, up 7 3/4 cents, 

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