Corn Erase Thursdays Losses Heading into the Weekend

Corn futures head into the weekend riding on double digit gains, with Dec up 17 1/2 cents. Traders have shifted focus away from USDA’s monthly update on Thursday and moving onto weather across the Plains. Overnight lows were below freezing across parts of the western Plains from ND to the Texas Panhandle. On Thursday, USDA raised 19/20 feed and residual use by 125 mbu. However, they cut exports 150 mbu and FSI by 85 mbu, more than offsetting the feed use. The cash average farm price was raised 20 cents to $3.80. CFTC reported a net short in Corn futures and options of 90,668 contracts by managed money as of Tuesday. The net short was 35,506 contracts less than last week’s short, and has been the third consecutive week for managed money reducing their net short corn positions.

DEC 19 Corn is at $3.97 3/4, up 17 1/2 cents,

MAR 19 Corn is at $4.07 3/4, up 16 1/4 cents,

MAY 20 Corn is at $4.12 3/4, up 15 1/4 cents

JUL 20 Corn is at $4.16 1/2, up 14 1/4 cents

-- provided by Brugler Marketing & Management




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