Corn (P) Futures PricesMon, Mar 10th, 2014
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Corn futures are trading 5 to 7 cents lower after a lower close on Friday. Some profit taking was being seen overnight ahead of the USDA monthly reports due at 11 am CDT this morning. The average trade guess for US corn ending stocks in the USDA WASDE report is 1.495 billion bushels, according to a Bloomberg survey. That implies a cut in feed use, but USDA has not cut feed use in the March report in 18 years because they have better data if they wait for the March 31 Grains Stocks numbers. Preliminary OI was up 757 contracts on Friday, a little net new selling. There were 0 deliveries put out against the Mar 14 contract on Friday and the MTD total stands at 824 contracts. The CFTC Commitment of Traders report showed managed money added 70,606 contracts to their net long position in corn last week, giving them a net long position of 158,122 contracts. They are buying against farmer selling.
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