Maize prices across key spot markets remained largely steady as demand from bulk buyers and stockists remained steady.
Bulk buyers have already stocked up for the next few weeks and are awaiting the rabi crop to hit markets in late February.
Corn futures were higher at Fridays close, with fractional to 1 3/4 cent gains in the front months. The gains on Friday limited the weekly loss to 6 cents.
Private exporters reported a sale of 134,000 MT of optional origin corn to South Korea for 19/20 MY delivery this morning under the daily reporting system.
The CFTC’s weekly CoT report this afternoon showed managed money was 38,328 contracts less net short wk/wk to -29,476 contracts as of 01/28. Their net position was at its weakest since the flip from net long starting 8/2/19.
Spec trader OI was down 32,086 contracts Tuesday/Tuesday, mostly from a 35k reduction in shorts. The latest weekly DDGs market update from the U.S. Grains Council (for the week ending 01/23) showed DDGs were at 107% of cash corn values. The DDG to soybean meal ratio is 0.50 which was 1 point more favored to DDGs wk/wk.