Corn

Corn futures are mostly 3 to 4 cents higher on Monday, as weekend rains in Argentina were limited. Monday morning’s USDA Export Inspections report indicated that 835,131 MT of corn was shipped during the week of 2/8. That is 23.61% lower than the previous week and lags the same week last year by 33.51%. Spec traders in corn futures and options reduced their net short position by 48,018 contracts during the week of Feb 6. That CFTC position was at -82,924 contracts on Tuesday. In a tender that closed on Monday, South Korea purchased 120,000 MT of corn most likely sourced from the US for April-May delivery.

Mar 18 Corn is at $3.65 1/2, up 3 1/2 cents,

May 18 Corn is at $3.73 1/2, up 3 3/4 cents,

Jul 18 Corn is at $3.81, up 3 1/2 cents

Sep 18 Corn is at $3.88, up 3 3/4 cents




Market Commentary provided by:

Brugler Marketing & Management LLC
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