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Corn Closes in Black for Weekend

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Corn futures ended the Friday session off the highs, but held on for fractional to 1 1/2 cent gains on the day. For the week December rallied 3.11%. December options expired today. USDA’s mandatory reporting system said 158,270 MT of corn was sold to Mexico. Private exporters also sold 131,000 MT to unknown. Domestic DDGs prices in China averaged 2,220-2,250 yuan/MT (~ $338-$343/MT) on the week ending 11/20. That was mostly stable on the week, but down from 2,350 yuan/MT on 11/05. USDA’s National Ethanol report noted spot FOB prices out of NOLA were $235 - $247/ton, and $265 out of the PNW on week ending11/20. A South Korean feed group purchased 200,000 MT of international corn in a recent tender on Friday. CFTC’s weekly CoT report showed managed money corn specs 278,889 contracts net long on 11/17. That was a 1,946 contract reduction to last week’s net long with some new sellers in play. The report showed commercials added 8,889 shorts (and liquidated 703 longs), expanding the net position to 603,771 contracts short.

Dec 20 Corn is at $4.23 1/4, up 3/4 cent,
Mar 21 Corn is at $4.28 1/4, up 1 cent,
May 21 Corn is at $4.30 3/4, up 1 1/2 cents,
Jul 21 Corn is at $4.30 3/4, up 3/4 cent,

 --- provided by Brugler Marketing & Management

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