Corn futures closed the Wednesday session with most contracts steady to fractionally lower. The weekly EIA report will be out on Thursday morning. Last week’s report showed production at 1.09 million bpd for the week of 12/22. Total export commitments of corn are 54% of the USDA full year projection, vs. 64% last year and the average of 57% for this date. Corn exports out of Brazil during December totaled 3.99 MMT according to the country’s trade ministry. That is up 13.84% from November and nearly 4 times as large as December 2016. Soil moisture is expected to decline in southern Brazil, Argentina and Uruguay over the next week, driven by higher temps and limited rainfall during early pollination.

Mar 18 Corn closed at $3.53, down 1/4 cent,

May 18 Corn closed at $3.61 1/4, unch,

Jul 18 Corn closed at $3.69 1/2, down 1/4 cent

Sep 18 Corn closed at $3.77, down 1/4 cent

Market Commentary provided by:

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