Corn futures are trading 1/4 to 1 1/4 higher this morning. They ended the Monday session with most contracts 1 to 2 1/4 cents lower. Preliminary open interest rose 9,995 contracts. USDA’s Export Inspections report showed 765,618 MT of corn shipped in the week of March 7. That was down 11.54% from the week prior and 44.41% below the same week in 2018. Shipments YTD are still 6.21 MMT (244 mbu) ahead of last year but the lead is shrinking. USDA trimmed their US average farm price range by a dime on Friday to $3.35-3.75, with the midpoint down a nickel to $3.55. USDA left their Brazil corn projection at 94.5 MMT on Friday, with CONAB updating their estimate later today.
--provided by Brugler Marketing & Management