Markets have been under pressure amidst planting progress, bird flu and overall comfortable feeling with domestic and global corn stocks.&nbsp; The USDA increased corn carry-out in the April report by 50 million bushels.&nbsp; This was a result of a 50 million bushel decrease in corn used in the feed/residual sectors.&nbsp; Market participants expected to see a larger decrease to corn in this sector after the March stocks report indicated bigger stocks.&nbsp;
Corn for feed demand is projected at 5.250 billion bushels compared to 5.300 billion bushels previously and 5.036 billion bushels a year ago.&nbsp; Traders will expect to see further declines in this sector for feed demand.&nbsp; Overall, corn carry-out was projected at 1.827 billion bushels, up from the previous estimates; however, well above last year&rsquo;s 1.232 billion bushels.&nbsp;
Milo has peaked market interest this year.&nbsp; Milo exports are projected at 350 million bushel compared to 212 million bushels a year ago.&nbsp; Consequently milo demand into feed decreased by 25 million bushels compared to the previous projections.&nbsp; This indicates that a strong milo export program has priced itself out of current feed rations.&nbsp;
Globally corn stocks increased and are at comfortable levels amidst a slowing world economy.&nbsp; World stocks projected at 188.46 million metric tons vs. 170.84 million metric tons last year and 135.43 in 2012/&rsquo;13.&nbsp; This growth in corn stocks has eased concerns and that is exhibited in how the managed money has them positioned currently.&nbsp; The managed money has them in a short position not last seen since the fall of 2013.&nbsp; For any upward momentum the marketplace will need a newsworthy event or major weather headline to buoy prices.
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July futures
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Date
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High
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Low
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Close
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April 24, 2015
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3.77 1/4
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3.69 1/2
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3.69 3/4
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<td width="64" valign="bottom">&nbsp;</td>
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<td width="131" valign="bottom">
March 24, 2015
</td>
<td width="69" valign="bottom">
4.01 3/4
</td>
<td width="64" valign="bottom">
3.96
</td>
<td width="64" valign="bottom">
4.01 1/4
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April 24, 2014
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5.13 1/2
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5.05 1/2
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5.07 1/4
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</table>
Note: Comments in this column are market commentary and are not to be construed as market advice.
&nbsp;

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2015/04/Corn-ripe-ear_14302587640538_thumb.jpg

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Markets have been under pressure amidst planting progress, bird flu and overall comfortable feeling with domestic and global corn stocks. 

Commodities: Corn, milo markets under pressure

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