Corn

Corn futures showed gains of 4 to 4 3/4 cents on Wednesday, supported by specs covering their short position. That was the largest 1 day move for the March contract since December 4. The weekly EIA report will be delayed until Thursday, with ethanol production coming off a steep drop in the previous weeks to 996,000 bpd. Data from the FSA shows 964,596 prevent plant acres for corn in their final acreage survey report. That was down 8.33% from the January 2017 report and is the fewest number of acres since 2012. South Korea purchased 137,000 MT of corn on Wednesday, with the optional origin source likely from the US or South America. Despite forecasts of rains, producers in Brazil don’t expect a huge reduction in corn acreage for the second crop, though some analysts would disagree. With the slower soybean crop, corn planting could be delayed beyond the ideal time.

Mar 18 Corn closed at $3.53, up 4 3/4 cents,

May 18 Corn closed at $3.61, up 4 1/4 cents,

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

Sep 18 Corn closed at $3.76 3/4, up 4 cents




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