Corn Closes Mixed on Friday

Nearby corn prices settled 2 3/4 to 3 cents lower on Friday. New crop futures closed the session 1 1/2 to 2 3/4 cents. The markets will be closed on Monday in observance of MLK Day. USDA announced a private corn sale for 110,000 MT of old crop corn to Mexico. The Commitment of Traders report, with data as of Tuesday the 12, showed corn specs were net buyers of 24,826 contracts. OI was up 18,654 contracts to a 22 week high 487k. On net, managed money was 374,714 contracts long corn futures and options. Commercials had closed some longs, extending their net short to a record 774,381 contracts. International Grains Council reduced their 2020/21 corn output forecast by 13 MMT to 1.133 billion – citing reductions to U.S., Argentina, and Brazil. IGC also cut their ending stocks projection by 7 MMT to 268 MMT.

Mar 21 Corn closed at $5.31 1/2, down 2 3/4 cents,
May 21 Corn closed at $5.34 3/4, down 3 cents,
Jul 21 Corn closed at $5.32, down 2 3/4 cents,
Sep 21 Corn closed at $4.85 1/2, up 1 1/2 cents,

--- provided by Brugler Marketing & Management

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