Corn

Corn futures are trading fractionally lower this morning. They showed gains of 4 to 4 3/4 cents on Wednesday, supported by specs covering their short positions in March but adding new longs in May and July. That was the largest 1 day move for the March contract since December 4! Preliminary open interest was up 9876 contracts for the day. The weekly EIA report will be out later this morning, with ethanol production coming off a steep drop in the previous week to 996,000 bpd. Data from the FSA shows 964,596 prevent plant acres for corn in their final acreage survey report. That was down 8.33% from the January 2017 report and is the smallest number of PP acres since 2012.




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