Corn took a bit of a hit this week and honestly wasn't too surprising given what we've been seeing. Most contracts are down a few cents, with March futures dropping 6 cents to sit around 4.32 and change. The cash market held up slightly better at 4.03 and change, only down a few cents from the previous close.

What caught my attention was the export data - shipments hit 1.858 million metric tons last week, which is solid but down 8 percent from the week before. Still, that's the third biggest week of the year and way up year-over-year. Mexico's been the main buyer, followed by South Korea and Japan. Year-to-date shipments are up over 42 percent compared to last year, so there's definitely demand out there.

Brazil's first crop harvest is sitting at 36 percent complete according to the latest reports, which is behind last year's pace. The second crop planting is also slower than expected in the center-south region. Different forecasters are all over the place with their estimates - some cutting numbers, others raising them slightly. That uncertainty is probably keeping traders cautious right now.

Managed money positions shifted again, cutting their short bets by over 13,000 contracts. The May contract is trading around 4.44 and change, July around 4.53, all down a few cents across the board. Grain crush data coming this afternoon might give us some direction, but for now it feels like we're in a consolidation phase. Definitely watching to see if we can hold these levels or if there's more downside coming.