Corn futures are fractionally lower this morning. They ended the Tuesday session with most contracts 3 3/4 to 5 cents in the green, following the wheat complex rebound. Preliminary open interest shows net new buying of 18,711 contracts. The reduced commercial short position in the CFTC report suggests significant tightening of cash corn supplies in the pipeline. IEG Vantage (previously known as Informa) raised their 2019 corn planting estimate by 180,000 acres to 91.771 million acres. Brazil’s corn output estimate for 18/19 was increased by 1.155 MMT to 92.807 MMT according to CONAB. Most of that jump was due to a larger projected second crop at 66.596 MMT. That is still below the USDA forecast of 94.5 MMT.
--provided by Brugler Marketing & Management