May Corn finished down 2 1/4 at 361 1/4, 2 3/4 off the high and 2 up from the low. July Corn closed down 2 1/2 at 368 3/4. This was 2 up from the low and 3 off the high.
May corn traded down to a low of 359 1/4, today the lowest level since January 11th. The market continues to struggle with increasing South American supplies as well as forecasts of beneficial moisture falling throughout the central corn-belt prior to the planting season starts in April. Brazil’s Ag Consultancy pegged the corn production at 98 million tonnes compared to the USDA’s 91.5 million tonnes. The ethanol RIN prices gained again today trading to a high of 61 cents, and are up over 50% in two days. Speculation that the Trump Administration will keep 2017 biofuel quotas stand as the review period ends today at which point 2017 quotas will go into effect. Texas corn plantings were estimated at 31% done versus 27% average and Louisiana corn plantings were 35% done versus 23% average. The open interest in corn went up 5,460 contracts on Monday and is up 44,278 contracts over the last five trading days.