Some green on the board Thursday, but still a bearish mood overall led by speculative fund selling. Some profit taking from this group likely supported the slight move higher Thursday, but funds have certainly extended their record net short in corn well beyond 350,000 contracts. The supply side of the equation for corn continues to weigh on trade without any fresh news on the demand side. U.S. exports are struggling to compete with South American values as harvest there is progressing without much of a hitch. This, along with the USDA’s estimated 92.8 million acres of U.S. corn, have a made a strong bearish case for trade in April as planting gets underway.
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