The corn futures on the CBoT are likely to record the biggest weekly loss in a month this week. The USDA's estimates of US corn exports yesterday were below market participants' expectations and expectations are still too broad.
Corn sales from the old crop dropped to 949,500 tonnes last week; Market participants had previously expected 1.2 million tonnes. The market analyst Informa Economics also raised its forecast for US corn acreage in 2018 to 91,415 million acres (previously: 90,460 acres).
While the acreage of maize, especially in Brazil, will decline compared to the previous year, there is nowhere evidence of obstruction of the vegetation. That's why the funds and specs remain in their big short positions.
Text: HANSA Derivatives Trading GmbH / Graphic: Saxo-Trder 
