Corn futures closed Friday with most contracts 4 – 6 1/2 cents higher, as Dec came back to only lose a half cent on the week. Pre-weekend profit taking gets some of the credit. The CFTC report on Friday showed the spec funds holding a new record net short position of -230,556 contracts as of November 14. The national US average cash price on Thursday was $2.98 1/4, 4 1/4 cents lower than this time last year. The average basis was -38 1/4 cents, which is 8 cents stronger than the harvest low. The Buenos Aires Grain Exchange estimated that the Argentine corn crop was 35.4% planted, vs. 40% this time last year. AgRural estimates that the first corn crop in Brazil is 63% planted, compared to 79% last year and the average of 65%.

Dec 17 Corn closed at $3.43, up 6 1/2 cents,

Mar 18 Corn closed at $3.55, up 6 cents,

May 18 Corn closed at $3.63 1/2, up 6 cents

Jul 18 Corn closed at $3.71 1/4, up 6 cents

Market Commentary provided by:

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