Corn Pressured by Wheat at Midday
BRUG - Mon Apr 22, 12:09PM CDT

Corn futures are trading 1 to 2 1/4 cents lower in most contracts on Monday. Losses in the wheat complex are pressuring the market lower. Weekly data from USDA showed 1.353 MMT of corn shipped in the week of April 18. That was 14.33% larger wk/wk but still 22.15% below the same week last year. The large managed money spec funds added 35,783 contracts to their record 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.

May 19 Corn is at $3.56 3/4, down 1 3/4 cents,

Jul 19 Corn is at $3.65 1/2, down 1 3/4 cents,

Sep 19 Corn is at $3.72 3/4, down 2 1/4 cents

Dec 19 Corn is at $3.84 1/4, down 2 cents

--provided by Brugler Marketing & Management

Market Commentary provided by:

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