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Corn futures are trading fractionally lower this morning. They ended Monday with 5 cent gains in the nearby contracts, as weekend rains in Argentina were limited and the spec fund money was flowing. Preliminary open interest for Monday showed an increase of 8,832 contracts. Monday morning’s USDA Export Inspections report indicated that 835,131 MT of corn was shipped during the week of 2/8. That is 23.61% lower than the previous week and lags the same week last year by 33.51%. Following Thursday’s update to the USDA export projection, corn export commitments are now 65.34% of that number. That now lags the average of 68% and last year’s 74%. In a tender that closed on Monday, South Korea purchased 120,000 MT of corn most likely sourced from the US for April-May delivery.

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