Corn Market News and Commentary

Corn futures are trading 1 to 1 1/2 cents lower this morning ahead of the WASDE report. They closed the Monday session with most contracts steady to 2 1/2 cents lower. We are in the middle of the index fund roll period, and preliminary open interest dropped 14,375 contracts on Monday. Not everyone leaving May was ready to go into July! The weekly Export Inspections report for the week that ended on 4/4 totaled 1.035 MMT, down 17.78% from last week and 46.67% below this week last year. As expected, USDA last night reported national corn planting progress at 2% complete, matching with the average for this date. Analysts expect USDA to raise Argentina corn production to 46.44 MMT today, with Brazil at 94.83 MMT in the average estimate. World ending stocks are seen at 311.16 MMT, up from 308.53 MMT in March.

--provided by Brugler Marketing & Management

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