Daily Grain Market Commentary – Corn

Corn (May) Fundamentals: This morning’s weekly export sales report showed net sales of 395,500 MT for 2020/2021 were up noticeably from the previous week, but down 48 percent from the prior 4-week average. As mentioned yesterday, we are interested in what funds will do with their expanded position limits. if the fundamentals firm, it could provide a big lift for the market. Not just from fund buying, but a short squeeze on commercial shorts and producers. CONAB sees the 20/21 Brazilian crop at 108.068 million tonnes, up from their previous forecast, 105.481.

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