Corn Market News and Commentary

Corn futures are trading 2 to 3 cents higher this morning. They posted 2 to 2 1/4 cent gains in most front months on Friday, but May was down 3% on the week. The USDA Grain Crushing report 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.

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