Corn Steady to Begin Week

Corn is trading UNCH to fractionally lower this morning. Futures were 2 1/2 to 3 cents lower on Friday, but May futures were still up 2 1/4 cents for 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. CFTC indicated that on March 24 managed money spec 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. FOB prices for DDGS were $311/ton on 03/26, which was 9.9% higher wk/wk. 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 March estimate of 101.0 MMT. EPA has delayed the mandatory spring switchover to lower volatility gasoline, in order to use up excess stocks of winter gas. They also have delayed implementation of the court ruling on RFS waivers, arguing that litigation is ongoing and not complete. --- provided by Brugler Marketing & Management

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