Corn futures closed 4 to 17 1/2 cents lower today, with substantial weakness in the old crop contracts. The 2020 contracts were better supported on the theory that low prices cure low prices. USDA reported 8.605 billion bushels were sitting in bins, which was 287 million bushels below year ago but almost 270 million above the average trade guess. The report likely counted grain that was subsequently lost to flooding in the western Corn Belt during March. Implied 2Q feed & residual use would be the lowest since 2012/13.

With record GCAU’s, that raises some questions! NASS says producers intend to plant 92.792 million acres to corn in 2019, up 3.66 million from last year and about a million four above the average trade guess. Planting delays could still shift some corn acres to soybeans, but we won’t know that for another 60 days or more. The Commitment of Traders report shows the big managed money spec funds slicing 57,912 contracts out of their previous record large net short position. They were still net short 203,414 contracts as of March 26.