Corn Higher on Short Covering

Corn futures are showing 1 to 1 cent gains in most contracts on Monday. USDA indicated that 1.182 MMT of corn was shipped in the week that ended on April 11. That was up 11.27% wk/wk but still 25% lower than the same week in 2018. 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. Traders are expecting this afternoon’s Crop Progress report to show that 5-6% of the US corn crop was planted as of Sunday, with limited activity reported in NE, southern IL and other locations.

May 19 Corn is at $3.62 1/2, up 1 1/2 cents,

Jul 19 Corn is at $3.71 1/2, up 2 cents,

Sep 19 Corn is at $3.79 1/4, up 1 3/4 cents

Dec 19 Corn is at $3.90 1/4, up 1 1/4 cents

--provided by Brugler Marketing & Management

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