Corn futures are showing fractional movement in most contracts at midday, with nearby March down 3/4 cent and other contracts steady to higher. The USDA Export Inspections report indicated that 947,642 MT of corn was shipped during the week of 3/1. That was a drop of 28% from the previous week and down 34.65% from the same week in 2017. As of last Tuesday, managed money held a net long position of 59,120 contracts, moving 40,446 contracts to the long side since the previous week. Consultant Informa is projecting 33.5 MMT for the 17/18 Argentine corn crop. A Bloomberg survey found that trade average guess was 36.5 MMT. The average expectation for Brazil was 91.6 MMT vs. the February USDA figure of 95 MMT. AgRural projects the crop at 89.9 MMT, as they estimate 63% of the second crop is planted vs. 75% last year.

Mar 18 Corn is at $3.76 1/2, down 3/4 cent,

May 18 Corn is at $3.85 1/2, up 1/4 cent,

Jul 18 Corn is at $3.92 1/2, unch ,

Sep 18 Corn is at $3.98, up 1/4 cent

Market Commentary provided by:

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