Corn Market News and Commentary

Corn futures came back to post 2 to 2 1/4 cent gains in most front months on Friday, with May down 2.99% on the week. The USDA Grain Crushing report this afternoon showed 444.02 mbu of corn used for ethanol production in January. That was down 3.6% from December and 6.74% lower than last year. Friday’s Commitment of Traders report indicated that specs added another 71,582 contracts to their net short position on Feb 19 to take it to -86,275 contracts in corn futures and options. Corn commitments for export (shipped and outstanding sales) are 0.7% larger than this time last year. As of Feb 21, they were 64% of USDA’s export projection, with the 5-year average at 71% for that date. FC Stone raised their Brazil second crop corn forecast by 0.9 MMT to 65.8 MMT.

Mar 19 Corn closed at $3.64, up 2 cents,

May 19 Corn closed at $3.73, up 2 1/4 cents,

Jul 19 Corn closed at $3.81 1/2, up 2 cents

Sep 19 Corn closed at $3.87 1/4, up 2 cents

--provided by Brugler Marketing & Management

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