Corn futures are trading 1 to 1 1/2 cents higher this morning. They were mixed on Friday, with front months fractionally to 1 1/4 cents lower. May was down 2.35% last week. USDA increased US ending stocks for 2018/19 by 100 mbu to 1.835 bbu. That was due to a reduction to ethanol demand (-25 mbu) and lower exports (-75 mbu). Total export commitments are lagging a year ago by 1.5% but accumulated exports are 39.69% larger. No change was made to feed & residual use, as they will typically wait for the March 29 Grain Stocks report. Projected world ending stocks for 18/19 were down 1.25 MMT at 308.53 MMT on the world balance sheet, with China feed corn usage up 3 MMT. Friday’s CFTC report showed specs in corn futures and options adding 72,318 contracts to their net short position, taking it to 176,777 contracts as of March 5.
--provided by Brugler Marketing & Management