Corn futures closed the Monday session with most nearby contracts 1 1/2 cents lower. The weekly USDA Export Inspections report showed 743,536 MT of corn was shipped in the week of February 7. That was a drop of 17.5% from the week prior and 12.17% lower than the same week in 2018. Among the numerous 18/19 US balance sheet revisions on Friday, USDA slashed the feed and residual number by 125 mbu to 5.375 bbu as well as trimming the ethanol usage number by 25 mbu. Their average farm price estimated range was narrowed by 20 cents, with the mid-point still at $3.60. CONAB will release their February crop update for Brazil on Tuesday morning.
Mar 19 Corn closed at $3.72 3/4, down 1 1/2 cents, |
May 19 Corn closed at $3.80 3/4, down 1 1/2 cents, |
Jul 19 Corn closed at $3.88 1/2, down 1 1/2 cents |
Sep 19 Corn closed at $3.92, down 1 1/2 cents |
--provided by Brugler Marketing & Management
