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Corn Market 4 to 5 Higher

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Pre-report positioning has corn futures 4 to 5 cents higher this morning, building on the Monday rally. There were zero delivery notices overnight against July futures. December futures closed Monday at $3.34 3/4, with the 9 1/2 cent gain offsetting 48% of last week’s drop to the contract low. The other front months were up 2.14% to 2.92% on Monday. There was significant short covering yesterday, with preliminary OI dropping 51,078 contracts. A lot of that was just due to options expiration, so the signal is a little murky. Ahead of USDA’s Acreage and Grains Stocks reports, the trade is looking for a 1.85 million acre cut from March’s corn Planting Intentions. The average trade guess for June 1 corn stocks is 4.959 bbu. USDA reported corn silking at 4%, below the 5-yr average of 7%. Corn conditions improved 2 points on the Brugler500 index to 383. Week 26 corn conditions in IA, MN, and WI were above 400. USDA’s Export Inspections report showed that corn shipments were 48.61 mbu on the week ending June 25. Japan was the top destination for the week with 308,453 MT (25% of total). China was the destination for 144,078 MT.

--- provided by Brugler Marketing & Management

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