Corn Market Higher on More Planting Delays

Corn futures are trading 3 to 8 cents higher this morning, with buying focused in the nearby contracts. They saw double digit gains in the 2019 contracts, with deferred contracts 4 to 10 cents higher. There was some modest short covering, with preliminary open interest dropping 5,329 contracts. Planting delays are still a worry, particularly if they result in more prevented planting insurance claims. The 7-day QPF forecast shows precip in the WCB, with minimal amounts in the ECB, which may allow for some planting (if soils can dry out). The 6-10 day outlook looks wetter than normal for most of the Corn Belt. IEG Vantage (Informa) put their 2019 US corn acreage estimate at 90.7 million acres, a bull friendly 2.1 million acres below USDA’s March Planting Intentions survey number.

--provided by Brugler Marketing & Management




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