Corn

Corn futures closed the Thursday session with most contracts 3 to 6 1/2 cents higher. The USDA reported a private sale of 110,000 MT to Japan for 17/18 delivery this morning. The weekly Export Sales report showed old crop sales continuing their robust pattern at 1.857 MMT for the week of 3/1, well above last year and up 8.15% wk/wk. In the USDA’s monthly supply and demand report, US ending stocks were trimmed 225 mbu by the USDA to 2.127 bbu thanks to a jump in crush (+50mbu) and exports (+175). Production in Brazil was cut by just 0.5 to 94.5 MMT (CONAB @ 87.28 MMT), with Argentina dropping 3 MMT to 36 MMT (Buenos Aires Grain Exchange @ 34 MMT). With the reduction in production and US ending stocks, the world ending stock projection was cut by 3.92 to 199.17 MMT.

Mar 18 Corn closed at $3.85 3/4, up 6 1/2 cents,

May 18 Corn closed at $3.93 1/2, up 6 1/4 cents,

Jul 18 Corn closed at $4.00 1/2, up 6 cents

Sep 18 Corn closed at $4.05, up 5 1/4 cents




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