Midday corn quotes are down by as much as 7 cents so far. Old crop May ended March with a 12c gain for the month. The new crop Dec contract ended the week with a 2 ½ cent gain and ended the month 14 ¼ cents stronger.
Friday afternoon’s Commitment of Traders report showed managed money increasing their net short in corn futures and options by 8,745 contracts during the week to 251,730 as of Tuesday March 26. Commercials were in the process of cutting their net short, by a net 15,913 contracts to 29,810.
USDA’s weekly Export Inspections report had 1.431 MMT of corn shipped for the week that ended 3/28. That was up from 1.255 MMT last week and from 1.1 MMT during the week that ended last year. Mexico and Japan were the top destinations. The report had accumulated corn exports at 25.87 MMT as of 3/28 which is now 33.5% ahead of last year’s pace.
NASS showed March 1 corn stocks of 8.347 bbu implying a 3.823 bbu Q2 demand. Prospective plantings data from NASS had corn area at 90.04 million acres.
May 24 Corn is at $4.34 1/2, down 7 1/2 cents,
Nearby Cash is at $4.15 5/8, down 5 7/8 cents,
Jul 24 Corn is at $4.48 3/4, down 5 3/4 cents,
Dec 24 Corn is at $4.73 3/4, down 4 cents,
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