Corn

Corn futures saw steady to 1 1/4 cent gains on Friday, as March was up 1.81% on the week. This morning, the USDA showed the old crop corn export sales blowing past expectations at 1.888 MMT (74.3 million bushels). That was 38.08% larger than the same week in 2017. Unknown destinations purchased nearly 770,200 MT, with Japan buying 415,600 MT. There were also 2,413 MT in new crop sales. Export shipments were a different story, as they fell 25.9% from the previous week at 659,710 MT, down 28.9% from a year ago. Most of those shipments were to Mexico (252,000 MT) and Japan (216,600 MT). Argentina’s early corn crop was rated at 12% gd/ex and 44.9% poor/very poor by the Buenos Aires Grain Exchange, compared to last year’s 33.4% gd/ex and 32.7% p/vp at this time.

Mar 18 Corn closed at $3.52 1/2, up 1 cent,

May 18 Corn closed at $3.60 3/4, up 1 1/4 cents,

Jul 18 Corn closed at $3.69, up 1 1/4 cents

Sep 18 Corn closed at $3.76 1/2, up 1 1/4 cents




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