Corn Gains ahead of Weekend

Corn futures closed the last trading day of the week with 1 3/4 to 3 3/4 cent gains. Dec corn was unchanged on the day (but down 20 ¾ for the week) closing at $3.98 1/2. Ethanol futures closed at $1.53/gal on Friday, with no deliveries against November. CFTC data showed managed money was 11,676 contracts more net long with 320k longs and 43.6k shorts as of 10/27. Commercials were an additional 85,704 contracts net short with the strongest net short since 03/13 of 2018. SAFRAS and Mercado estimate 2020/21 corn production in Brazil at 116.4 MMT. That was a 900k MT increase from the previous forecast.

Dec 20 Corn closed at $3.98 1/2, unch,

Mar 21 Corn closed at $4.03 1/4, up 1 3/4 cents,

May 21 Corn closed at $4.06, up 2 3/4 cents,

Jul 21 Corn closed at $4.07 1/4, up 3 cents,

--- provided by Brugler Marketing & Management

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