Corn futures are currently 1 to 1 1/2 cents lower after closing steady to fractionally higher in most contracts on Thursday. The morning’s Export Sales report showed export shipments for the week of Feb 1of 961,200 MT. That is 8.1% lower than the previous week and lags the same week last year by 14.54%. Along with increasing expected exports 125 million bushels in the WASDE report, the USDA also raised the range for the cash average price to $3.05-3.55, with a mid-point 5 cents higher @$3.30. Thanks to the 3 MMT reduction in Argentine corn production, the US and Brazil’s exports were both raised. The USDA is most likely waiting until Brazil’s winter corn crop is planted before it is willing to cut production and put it in line with private and Brazilian government estimates.

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