Corn futures are showing fractional losses at midday. The US cash average price as of Monday afternoon was $3.36 1/2 according to DTN, 1 3/4 cents off the same time last year. That would put the national average basis at -30 1/2 cents, 6 3/4 cents stronger than a year ago. Following Thursday’s update to the USDA export projection, corn export commitments are now 65.34% of that number. That now lags the average of 68% and last year’s 74%. Dr. Michael Cordonnier trimmed his projected Brazil 17/18 corn production number another 2 MMT to 86 MMT. That is 9 MMT below the February USDA estimate.

Mar 18 Corn closed at $3.66 3/4, down 1/4 cent,

May 18 Corn closed at $3.74 1/4, down 1/2 cent,

Jul 18 Corn closed at $3.82, down 1/2 cent

Sep 18 Corn closed at $3.88 1/2, down 3/4 cent

Market Commentary provided by:

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