Going into the weekend, corn futures closed 15 1/4 to 31 cents in the red. May futures expired at $6.85/bushel leaving a 42 cent expiration gap inverse to July. New crop prices tightened the inverse on Friday, as December is now $1.01 below July. China purchased 1.36 MMT of new crop corn as announced under the USDA daily reporting system but the market sold off anyway. 

The weekly CFTC report with data from Tuesday the 11th showed managed money funds had closed 51,693 longs ahead of USDA’s report. The liquidation reduced their net long 56k contracts to 316,336. Commercials added 97,761 contracts of OI through the week, reducing their net short 48,677 to 673,963 contracts. 

Spot prices for DDGS in China were cited between 2,600 and 2,700 yuan/MT ($366.3/ton to $380.4/ton). Cash corn bids ranged 2,580 yuan to 2,940 yuan/MT ($10.05 to $11.60/bu). The Dalian Corn Prices were sharply lower on Thursday and Friday, reflecting the U.S. selloff.

USDA’s Daily Ethanol report cited spot DDGS bids at $285/ton in NOLA and $264/ton in the PNW. Corn oil prices were seen between 49.75 and 52.29 cents/lb. 

Jul 21 Corn  closed at $6.43 3/4, down 31 cents,

Nearby Cash  was $6.58, down 31 1/8 cents,

Sep 21 Corn  closed at $5.63, down 20 cents,

Dec 21 Corn  closed at $5.42 3/4, down 15 1/2 cents,

New Crop Cash  was $5.18 2/5, down 15 1/2 cents,