Grain Express

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Corn (May) Fundamentals: With March options off the board, the attention and volume has shifted to the May contract. Friday’s Commitment of Traders report showed funds are net-long 348,491 contracts (376,278 Long and 27,787 Short), this is an increase of 8,115 from the previous week. Last week’s USDA outlook forum sets the baseline for this year’s supply/demand, but many participants are and should take it with a grain of salt, a lot can change in the coming months and mother nature can be unpredictable. Planted acres was one of the focal points last week, the USDA has that pegged at 92.0 million acres. Brazil’s second corn crop is roughly 8% complete, well behind the average pace, 32%.