Corn futures saw 1 to 2 cent gains in most contracts on Friday, with May up 1.34% this week. A private export sale of 300,000 MT of corn for 2018/19 delivery to China was announced by the USDA this morning. Friday afternoon’s Commitment of Traders report indicated that spec traders in corn futures and options extended their record reported net short position for the week that ended on 3/19 to 261,326 contracts. An updated Farm Futures survey released this morning indicated 90.9 million planted corn acres for 2019. A Reuters report estimates ~13% of the US ethanol capacity is offline at the moment due to the recent flooding and both bridge and rail damage. Total export commitments for corn are 7.4% below this time last year. They are 69% of the USDA projected full year amount vs. the average of 78% for this date.
May 19 Corn closed at $3.78 1/4, up 2 cents,
Jul 19 Corn closed at $3.87 1/2, up 2 cents,
Sep 19 Corn closed at $3.93 1/4, up 1 1/2 cents
Dec 19 Corn closed at $4.00, up 1 1/4 cents
--provided by Brugler Marketing & Management