Corn Market News and Commentary

Corn futures posted fractional to 4 1/4 cent gains in most contracts on Thursday. The USDA reported 371,981 MT for old crop weekly export sales, just half of estimates and well below this time last year. New crop sales were a supportive 474,577 MT. Mexico purchased 269,600 MT, as 202,000 MT was sold to Japan. Those export results were being treated as old news, but show you why a price break was needed to attract more business. Total export commitments are down 6.3% from a year ago, when importers were buying in anticipation of a smaller South American crop. In a tender on Wednesday a South Korean importer purchased 60,000 MT of US corn. Analysts with ProAgro estimate Ukraine’s 2019 corn crop at 31.2 MMT, down 4.4 MMT from the year prior.

Mar 19 Corn closed at $3.61 1/2, up 4 1/4 cents,

May 19 Corn closed at $3.70 1/4, up 3 3/4 cents,

Jul 19 Corn closed at $3.79 1/2, up 3 1/4 cents

Sep 19 Corn closed at $3.86 1/4, up 2 3/4 cents

--provided by Brugler Marketing & Management




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