Corn Market Commentary

Corn futures were steady to 2 1/4 cents lower in most nearby contracts on Thursday. The USDA reported a private export sale of 142,876 MT of 18/19 corn to Costa Rica through their daily reporting system this morning. The weekly Export Sales report indicated that 774,243 MT of 18/19 corn was sold in the week that ended 9/6. There were also 2.926 MMTs rolled over to 2018/19 delivery from 17/18 sales. Export shipments for that week were tallied at 991,521 MT, with 264,317 MT for 17/18 and the balance for 18/19. On Wednesday the USDA trimmed their average farm price range for corn by 10 cents to $3.00-$4.00. An auction of Chinese state reserves on Thursday saw 2.902 MMT of corn sold, totaling 73.28% of the amount offered. The Rosario Grain Exchange estimates that the Argentina corn crop will total 43 MMT for 18/19, down 2 MMT from their previous estimate.

Sep 18 Corn closed at $3.36 1/4, down 5 1/4 cents,

Dec 18 Corn closed at $3.50 1/2, down 2 cents,

Mar 19 Corn closed at $3.62 3/4, down 2 1/4 cents

May 19 Corn closed at $3.71 1/4, down 2 1/4 cents




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