Corn Pushes To New Highs

Front month corn futures closed with double digit gains on Friday, and set new contract highs for March and May. For the first month of 2021 March corn futures gained 63 cents. The national average corn basis from cmdtyView weakened a nickel during the rally to minus 21.75 cents. USDA reported another large corn sale to China this morning. The 2.108 MMT old crop sale was the second largest daily corn sale on record. The week’s total bookings covered by the daily reporting system are 5.848 MMT (230 million bushels!) for China and 316,400 MT for unknown. Adding this week’s daily announcements to previously released Export Sales data would leave China with 17.693 MMT of U.S. old crop corn commitments. CFTC’s weekly data releasee showed managed money funds extended their net long by 14,734 contracts to 364,229 as of Tuesday night. Commercials continued to unwind their record net short, lowering it 10,855 contracts on a 12,896 increase to longs. On net, commercials were 753,073 contracts net short on 1/26.

Mar 21 Corn closed at $5.47, up 12 1/2 cents,
May 21 Corn closed at $5.47 1/2, up 11 1/4 cents,
Jul 21 Corn closed at $5.36 1/2, up 9 1/4 cents,
Sep 21 Corn closed at $4.70 1/4, up 5 1/4 cents,

--- provided by Brugler Marketing & Management




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