Corn begins Thanksgiving week 4 to 6 cents higher.. Corn futures held on for fractional to 1 1/2 cent gains on Friday. For the week December rallied 3.11%. CFTC data showed managed money corn specs 278,889 contracts net long on 11/17. That was a 1,946 contract reduction with some new sellers in play. The report showed commercials added 8,889 shorts (and liquidated 703 longs), expanding their net position to 603,771 contracts short. That is the most net short the PMPU’s have been since April 19 in 2011! US producers have sold a LOT of corn. Domestic DDGs prices in China averaged 2,220-2,250 yuan/MT (~ $338-$343/MT) in the week ending 11/20. USDA’s National Ethanol report noted spot DDGs FOB prices out of NOLA were $235 - $247/ton, and $265 out of the PNW on week ending11/20.
--- provided by Brugler Marketing & Management
