Corn

Corn futures are fractionally higher this morning. Thursday was the calm before the storm, as most contracts settled within 1/4 cent of UNCH. Old crop corn export sales totaled 437,745 MT for the week of Jan 4. That was an improvement over the previous week but still lags the first week in 2017 by 27.44%. Shipments of 889,815 MT were 28.24% larger than the same time last year. Thursday’s CONAB report showed expected 17/18 Brazilian production at 92.3 MMT, up 0.1 MMT from December’s estimate. Celeres is projecting first crop production at 27.7 MMT. The Rosario Grain Exchange now expects Argentina’s corn crop to be 39.9 MMT, down 1.6 MMT from their previous projection. The range of trade estimates for December 1 Corn Stocks was 2.26-2.55 billion bushels in a Bloomberg survey. The USDA report will be out at 11 AM CST.




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