Corn futures are currently 3 to 4 cents lower following fractional losses on Friday. Nearby March gained a nickel on the week. The CFTC Commitment of Traders report indicated spec funds in corn futures and options cut back their net short position by 88,734 contracts. That net position was at -130,942 contracts as of Tuesday. Export commitments compared to the USDA forecast have now caught up to the average pace at 66%, but still lag last year’s 73%. Informa estimates that the 17/18 Argentina corn crop will be at 37 MMT, down 5 MMT from their and the USDA previous estimate. They are using 88 MMT for Brazilian corn, which is well below USDA’s January figure of 95 MMT.

Market Commentary provided by:

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