Corn Market News and Commentary
BRUG - Fri Mar 08, 5:15PM CST

Corn futures were mixed on Friday, with front months fractionally to 1 1/4 cents lower. May was down 2.35% this week after being 2.99% lower the week prior. In their monthly WASDE update, USDA increased US ending stocks for 18/19 by 100 mbu to 1.835 bbu. That was due to a reduction to ethanol demand (-25 mbu) and lower exports (-75 mbu). Total commitments are lagging a year ago by 1.5% but accumulated exports are 39.69% larger. On the world side, both Brazil (94.5 MMT) and Argentina (46 MMT) production numbers were UNCH. Ending stocks for 18/19 were down 1.25 MMT at 308.53 MMT on the world balance sheet, with China feed corn usage up 3 MMT as they push a hog diet heavy in corn and lower in soybean meal. Up to date CFTC data showed specs in corn futures and options adding 72,318 contracts to their net short position of 176,777 contracts as of March 5.

Mar 19 Corn closed at $3.54 3/4, down 1 1/4 cents,

May 19 Corn closed at $3.64 1/4, down 1 cent,

Jul 19 Corn closed at $3.73 1/2, down 3/4 cent

Sep 19 Corn closed at $3.80 1/4, down 3/4 cent

--provided by Brugler Marketing & Management




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