Corn prices experienced minor declines on Monday morning, trading 1 to 2 cents lower. On Friday, futures reported gains of 1¼ to 5½ cents, with May futures up 13¼ cents for the week and December rising 14½ cents. Preliminary open interest indicated a net increase of 39,803 contracts, primarily in December, and there were 311 deliveries issued against May futures. The national average cash corn price was reported at $4.39¾, up 7 cents.
Monthly data from NASS revealed that 474.4 million bushels of corn were used for ethanol production in March, marking a 10.2% increase from February and a 4.76% rise year-over-year. The total corn grind for the marketing year reached 3.225 billion bushels, surpassing last year’s figures by 20 million bushels.
As of April 23, corn export commitments stood at 75.7 million metric tons (MMT), a 29% increase from the previous year and representing 90% of the USDA’s export projection. Weekly CFTC data showed that managed money increased their net long position in corn futures by 79,697 contracts, bringing the total to 264,103 contracts.
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