Afternoon position squaring pulled the corn complex off the lows at the close for month end. Front month futures were still mostly weaker on the day with 2 1/4 to 4 3/4 cent losses. March futures closed at $5.55 1/2 after a 3/4 cent higher close. From Friday to Friday, May corn contracts were 2 3/4 cents higher, but were up 1.6% and set a new LOC high since the end of January. First notice day against March corn futures yielded no deliveries. The oldest long for March futures dates back to August 14. The national average basis is 23.5 cents under March according to cmdtyView data. That compares to 11 3/4 cents under at this time last year.

CFTC’s weekly data release showed corn spec traders were 7,539 contracts less net long to 143,246. That is the weakest spec net long since the week ending 12/8. Commercials reduced their open interest by 4.5%, reducing their net short by 12k contracts to 748,219.

International Grains Council raised global corn output by 1 MMT to 1,134 MMT. Ending stocks were left at 268 MMT in the IGC Feb estimate. Buenos Aires Grains Exchange lowered their corn yields from the January estimate, but left total output at 46 MMT. Britain released government intentions to move to an E10 mandate (from 5% ethanol) by September ’21.

--- provided by Brugler Marketing & Management

Corn Prices by Barchart