Corn Comes Back to Close Higher

Corn futures ended the Friday session in positive territory although May was down 1 1/2 cents on the week. CFTC data showed money managers posting another record large net short position in corn futures and options of 271,746 contracts as of Tuesday. That was 25,011 contracts larger than the previous week. Even with a reduction in the WASDE forecast on Tuesday, total export commitments are just 75% of the 2.3 bbu projection vs. the average of 84%. Most of that can be blamed on the lack of unshipped sales, as exports are already 53% of USDA’s number, 2% ahead of the average. BAGE pegged the Argentine corn harvest at 21.2% complete on 4/10, 2.1% above normal but lagging 3.5% from last year. An international tender from Turkey is seeking 300,000 MT of corn and closes on April 24.

May 19 Corn closed at $3.61, up 1 cent,

Jul 19 Corn closed at $3.69 1/2, up 3/4 cent,

Sep 19 Corn closed at $3.77 1/2, up 3/4 cent

Dec 19 Corn closed at $3.89, up 1/2 cent

--provided by Brugler Marketing & Management

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