Corn futures closed the Tuesday session with most contracts 3 to 4 3/4 cents higher. The USDA reported private export sales of 120,000 MT of corn to Japan and 105,000 MT to Unknown destinations for 17/18 delivery through their daily reporting system this morning. The weekly EIA report will be released on Wednesday morning. Ahead of Thursday’s monthly USDA report, analysts are expecting to see Brazil’s corn production number cut 1.7 to 93.3 MMT, with Argentina down 1.5 to 40.5 MMT. They are also expecting to see a world ending stocks to be trimmed 1.89 MMT to 204.66 MMT on the smaller South American production.

Mar 18 Corn closed at $3.63 1/2, up 4 3/4 cents,

May 18 Corn closed at $3.71 1/4, up 4 3/4 cents,

Jul 18 Corn closed at $3.78 3/4, up 4 1/2 cents

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

Market Commentary provided by:

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