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March Corn finished down 1 3/4 at 734 1/4, 7 1/2 off the high and 3 1/2 up from the low. May Corn closed down 1 1/2 at 736 1/4. This was 3 1/2 up from the low and 7 off the high.
March corn traded slightly lower into the closing bell after disappointing export data was released this morning. Inspections were only 5.3 million bushels, down sharply from 21.1 million the week prior. Shipments needed each week to reach the USDA export estimates are now 21 million bushels, up from 20.50 the week prior. The cumulative shipment pace is now 33% of the USDA export estimate vs. the 5 year average of 40%. The sluggish sales and shipment pace continues to suggest demand has been rationed in this area of the balance sheet but many questions remain as to how much corn the domestic market is using for feed which is adding support. The Argentina weather forecast was supportive this morning after weekend rainfall came in below market estimates. The 5 day precipitation outlook is dry which added risk premium to the market. Thoughts that Argentina production could be slashed on this Friday's USDA Supply and Demand report added a bullish tilt to the trade but weakness in the wheat market limited gains.
March Rice finished up 0.35 at 15.91, equal to the high and 0.28 up from the low.
*Disclaimer: The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.