Corn Goes into Weekend on Losses

Friday trades left the front months 2 1/2 to 3 cents lower, but May futures were still up 2 1/4 cents on the week. Private exporters reported an export sale of 114,048 MT of corn to unknown under the USDA daily system, for 2019/20 MY delivery. On March 24 managed money funds were net short 108,549 contracts for corn. That was their largest net short in 15 weeks, and came about mostly via long liquidation. International Grain Council estimates the World corn crop will be 4.3% higher yr/yr to about 1,160 MMT. Brazil’s Safras projected corn output at 105.8 MMT, well above USDA’s estimate of 101.0 MMT.

May 20 Corn closed at $3.46, down 2 3/4 cents,

Jul 20 Corn closed at $3.51 3/4, down 2 1/2 cents,

Sep 20 Corn closed at $3.56, down 3 cents,

Dec 20 Corn closed at $3.64 1/4, down 3 cents,

--- provided by Brugler Marketing & Management

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