<p>The March planted acreage and grain stocks report has not been released yet. Currently, the corn market has been responding to an ever-volatile global currency environment. The U.S. dollar has been a culprit affecting commodity values within the U.S., with the fear of restricting exports of U.S. goods. Therefore, some focus on commodity values has been relative to the dollar. Managed money was observed liquidating long positions in corn in March, according to the Commodity Futures Trading Commission. However, that could lead to potential volatility going forward as the corn crop has not yet been seeded and the growing season is sure to suggest some inclement weather conditions.&nbsp;</p>
<p>The planted acreage report has suggested corn acres will be down while soybean acres advance relative to last year. The current new crop corn and soybean ratio would suggest that as well. After the planted acreage number is released it will be on to yield estimates that will lure traders in trying to modify the corn demand table.&nbsp;</p>
<p>The first thing to note in the March USDA supply and demand report was that U.S. corn carryout declined by 50 million bushels or a 13 percent carryout versus previous estimates. Total corn demand was estimated at 13.695 billion bushels vs. 13.645 in February and 13.454 billion bushels last year. Corn for feed demand increased to 5.300 billion bushels, up from 5.250 billion bushels in February and 5.036 billion bushels a year ago. Ethanol demand is expected to consume 5.200 billion bushels, down from the previous estimate 5.250 billion bushels but up 66 million bushels from a year ago. Exports increase to 1.800 billion from February but it is still lower from 1.917 billion bushels a year ago. This sector is being impacted by greater global inventories and global currency components. Overall world corn ending stocks have increased and world corn carryout to use ratio is at the highest level the since 2008/&rsquo;09. This allows some buffer if world production levels become static.&nbsp;<br /><br /></p>
<table border="0" cellspacing="0" cellpadding="0" width="337">
<colgroup><col width="145"></col> <col span="3" width="64"></col> </colgroup> 
<tbody>
<tr height="20">
<td width="145" height="20">June futures&nbsp;</td>
<td width="64">&nbsp;</td>
<td width="64">&nbsp;</td>
<td width="64">&nbsp;</td>
</tr>
<tr height="20">
<td height="20">Date</td>
<td class="xl68">High</td>
<td class="xl68">Low</td>
<td class="xl68">Close</td>
</tr>
<tr height="20">
<td class="xl65" height="20">March 20, 2015</td>
<td class="xl66">3.95</td>
<td class="xl66">3.80 3/4</td>
<td class="xl66">3.92 3/4</td>
</tr>
<tr height="20">
<td class="xl65" height="20">February 15, 2015</td>
<td align="right">4.05</td>
<td class="xl67">3.99</td>
<td class="xl67">4.00 1/2</td>
</tr>
<tr height="20">
<td class="xl65" height="20">March 20, 2014</td>
<td class="xl67">4.92</td>
<td class="xl67">4.82 3/4</td>
<td class="xl67">4.83 1/2&nbsp;</td>
</tr>
</tbody>
</table>
<address><br /></address><address>Comments in this column are market commentary and are not to be construed as market advice.</address>
<p>&nbsp;</p>

Increased world corn carryout provides a buffer if world corn production levels become static. 

2015/03/corn-chart-may_14273085077493_largethumb.jpg

2015/03/corn-chart-may_14273085077493_thumb.jpg

2015/03/corn-chart-may_14273085077493.jpg

Currently, the corn market has been responding to an ever-volatile global currency environment. The U.S. dollar has been a culprit affecting commodity values within the U.S.

Commodities: Volatile global currency environment affects corn

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