Corn futures are currently 1/2 to 1 cent lower after seeing gains of 1 to 2 cents on Monday. Preliminary open interest rose 14895 contracts, with December up nearly 10K. 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. YTD exports of 18.914 MMT is lagging the same time in 2017 by 30.87%. Shipments will need to pick up to meet the current USDA projection. 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.

Market Commentary provided by:

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