RJO FuturesCast

Daily Futures Market News, Commentary, & Insight

May Corn finished down 4 3/4 at 363, 6 3/4 off the high and 1/4 up from the low.
July Corn closed down 4 1/2 at 370 3/4. This was 1/4 up from the low and 6 1/2 off the high.

July corn could not continue the two day uptrend and sold off from early gains and close down 1.20%. The market settled at 370 3/4 just off the daily lows on profit taking. There will be limited corn planting progress in the southern Corn Belt over the next two weeks as a wave of three potential rain systems will keep producers out of the fields until a drier pattern can overtake the wet pattern. The open interest in corn went down 5,345 contracts yesterday. FC Stone left their Brazilian corn production estimate unchanged at 93.3 million tonnes compared to the USDA March estimate of 91.5 million tonnes. They estimate corn exports at 28 million tonnes compared to the USDA export estimate of 31 million tonnes.

Hightower Report