Corn Market 2 Lower on Spotty Planting Progress
BRUG - Mon Apr 22, 7:31AM CDT

Corn futures are trading 2 to 2 1/2 cents lower this morning. They closed 3/4 lower to 1/2 cent higher on Thursday ahead of the 3-day weekend. USDA’s weekly Export Sales report showed sharply higher sales of 947,600 MT for old crop in the week ending April 11 with so-so new crop activity. The government was open on Friday although the markets were closed. The large managed money spec funds added 35,783 contracts to their CFTC net short position in the week ending April 16. That put them at a record 307,529 contracts net short. Trade ideas for corn planting progress are running 6-8% vs. the 5 year average of 12%. Better activity was being noted on Saturday and Sunday as fields dried out in some areas. --provided by Brugler Marketing & Management

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