Corn Morning Update & Commentary: Slightly lower to start the day/week
<div class=\"default-font-wrapper\" style=\"line-height: 1;font-size: 12pt; font-family: Verdana, Geneva, sans-serif;\">Corn Morning Update & Commentary:<br><br id=\"isPasted\">Overnight, corn futures relaxed after a six day, 30+ cent rally effort; old crop futures finished three cents lower by the morning pause, while new crop positions were only fractionally lower. It is a relatively quiet news day to start; outside markets are in a good mood following the latest tariff wobble (on electronics). Weather is a mixed input, too; planters are running in the U.S. Midwest, while Ukraine leans a little too chilly to make much progress. Argy is too wet, and while Brazil safrinha conditions are good today, there remains concern over how the crop will fare in the dryer season. There was a small 8 AM flash sale for corn; 120,000 metric tons U.S. origin to Japan. Other export news was quiet, and traders remain watchful for more tariff headlines.<br> <br>Corn futures closed out an impressive week in fine fashion. The market was green all day, finishing near the highs, 7-10 cents higher across the curve. For the week, corn settled thirty cents higher, the best single week of gains since July of last year. Cash trade set back a touch as the rally finally stimulated some farm movement. CFTC Commitment of Traders data after the close showed Managed Money traders stood pat on corn futures through Tuesday at least. For the week ended 4/8, Managed Money were net sellers of 3,180 corn contracts, paring their total length back to just 53,576 lots. Commercial and small non-reportable traders were the main buyers for the week. We strongly suspect funds may have wanted to regain some exposure to corn once the market made it through the initial tariff gauntlet? Net buying Wed-Fri may have taken fund length back up to nearly 100,000 contracts?<br> <br> <br>QT News - Top News<br> <br>**USDA reported private sale of 120,000 mt of Corn to Japan for the 24/25 MY<br> <br> <br> <br>-- Russia's Ag Ministry Monday announced the Corn export tax for the period ending April 22nd at 1,374.50 roubles/mt, up from the prior period's 1,251.70 rouble/mt<br> <br>-- Russia's Ag Ministry Monday announced the Barley export tax for the period ending April 22nd at 365.60 roubles/mt, up from the prior period's 252.20 rouble/mt<br> <br>-- As of April 14th, Ukraine data shows the country's grain exports at 33.89 mln mt, in the year earlier period total grain exports were 38.61 mln mt. This year's wheat exports are 13.4 mln mt so far, 17.72 mln mt of corn and 2.24 mln mt of barley have also been exported so far this year.<br> <br>-- Chinese customs data released Monday pegged March total meat imports at 548,000 mt, over the January-February 2025 period total meat imports were 1.098 mln mt. During the 1Q 2025 total meat imports were 1.65 mln mt, below the year earlier period's 1.68 mln mt.<br> <br> <br> <br>Pending Tenders<br> <br>-- Pending Tender: On Thursday (4/10), Jordan's state grain buyer set April 16th as the offer deadline in a tender seeking 120,000 mt of feed Barley. The grain is for shipment between Aug 1 through Sep 30th.<br> <br> <br> <br>-- Euronext Paris June corn futures on Monday are trading -1.00 euro lower at 207.75 euros/mt<br> <br>-- Dalian July corn futures on Monday traded +4 yuan higher ending at 2,316 yuan/mt<br><br>KJ</div>