Corn Slipping Lower on Monday Morning

Price Movement - Corn prices are down 1 to 3 cents early on Monday, with futures closing Friday steady to 5 cents lower, particularly the nearby contracts [1] - The May corn contract closed at $4.62, down 5 cents, while the July and December contracts also saw declines [5] Export Sales - Export sales data indicates old crop corn commitments at 68.875 million metric tons (MMT), representing a 30% improvement from the previous year, which is 82% of the USDA export projection [2] Commitment of Traders - The Commitment of Traders data shows an increase of 55,744 contracts in the managed money net long position in corn futures and options, bringing the total to 284,548 contracts [3] USDA Reports - Ahead of the USDA March Intentions report, traders anticipate 94.37 million acres of corn to be reported, a decline of 4.4 million acres from last year [4] - Grain Stocks data is expected to show 9.104 billion bushels for March 1, an increase of 957 million bushels from the previous year [4] Brazil Crop Update - AgRural reports that Brazil's second crop corn is now 99% planted, with a slight reduction in production estimate by 0.5 MMT to 135.7 MMT [4]