Corn futures are hovering around UNCH in early Monday trading. On Friday, corn futures bounced with 6 1/2 to 9 cent gains. Short covering was noted, with preliminary open interest down 3,945 contracts on the day. For December that limited the week’s loss to just 4 1/4 cents.  USDA reported corn oil prices from 61 to 61.75 cents/lb during the week of 10/15. That compared to 60.8 to 61.7 c/lb last week. DDGS prices at the Gulf were lower to between $214 - $233/ton, while PNW FOB quotes ranged $255 - $262/ton.  

The trade is looking for NASS to show US corn 51-52% harvested, comfortably ahead of the 5 year average pace. The Buenos Aires Grains Exchange reported Argentine corn at 23.2% planted. FranceAgriMer had French corn 15% harvested as of 10/11, which trails last year’s 62% pace. 

Later this morning FAS will release their weekly Export Inspections data. Accumulated export shipments were 3.415 MMT through 10/7. Chinese cash corn prices have dropped below wheat for the first time in months, although not uniformly across the country.  

Weekly CFTC data showed managed money was 227,931 contracts net long as of 10/12. That was a 22.7k contract drop in their net position from last week, driven mainly by net new sellers. Commercial positions reduced their net short by 14k contracts, on newly opened long hedges, to 455,550 contracts.  

Dec 21 Corn  closed at $5.25 3/4, up 9 cents, down ¼ cent this morning 

Nearby Cash   was $5.05 1/7 on Friday, up 8 3/4 cents, 

Mar 22 Corn  closed at $5.34 1/4, up 8 1/2 cents, UNCH this morning 

May 22 Corn  closed at $5.38 3/4, up 7 3/4 cents, down ½ this morning