Corn futures were 2 1/2 to 3 3/4 cents lower on Thursday. There was general commodity selling ahead of Friday’s raft of USDA reports and in the face of an extended dollar rally. The nearly a month delayed weekly Export Sales report showed 503,117 MT in old crop corn sales in the Christmas week ending 12/27. That was down from the week prior as expected but still well above the same week last year. Ahead of Friday’s USDA reports, analysts surveyed by Reuters are expecting US 18/19 carryout to be trimmed by 73 mbu to 1.708 bbu. They also estimate that Argentine production will be slightly higher at 43.09 MMT and Brazil will drop 1.09 to 93.41 MMT.
Mar 19 Corn closed at $3.76 1/2, down 3 1/2 cents, |
May 19 Corn closed at $3.84 1/4, down 3 3/4 cents, |
Jul 19 Corn closed at $3.92 1/4, down 3 1/2 cents |
Sep 19 Corn closed at $3.95 1/4, down 3 1/4 cents |
--provided by Brugler Marketing & Management
