Corn

Corn futures are steady to fractionally mixed at midday. This morning’s Export Sales report showed old crop corn export sales for the week of Feb 1 near the top of the range of expectations at 1.77 MMT. That was a slight drop from the previous week but 82.11% larger than the same week in 2017. The USDA showed a reduction to the US ending stocks of 125 mbu in their monthly supply and demand report. That was from a 125 mbu hike in exports to 2.05 bbu. As expected they also trimmed Argentine corn production to 39 MMT, down 3. They left Brazil corn production at 95 MMT, while CONAB cut their number 4.34 MMT to 88.01 MMT citing a smaller second crop. As a result of all that, world ending stocks were down 3.46 to 203.09 MMT.

Mar 18 Corn is at $3.65 1/4, unch,

May 18 Corn is at $3.73, up 1/4 cent,

Jul 18 Corn is at $3.80 1/2, up 1/4 cent

Sep 18 Corn is at $3.86 3/4, down 1/4 cent




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