Corn Market News and Commentary

Corn futures are trading mostly 1 to 2 cents higher this morning on short covering ahead of the monthly USDA supply/demand update. They were 5 to 7 1/4 cents lower on Thursday. The weekly Export Sales were 969,742 MT for the week ending 2/28, with another 280,900 MT for new crop. Total sales were on the high side of estimates but down 35.13% from this week in 2018. Total commitments are now 1.5% below last year after being 17% ahead a few weeks back. China did purchase a cargo of US sorghum in that week, the first since last August. The trade is expecting little or no change to the US carryout in today’s report. Trade estimates show Brazil corn production slightly higher at 94.66 MMT, with Argentina at 45.92 MMT. World ending stocks are seen at 309.06 MMT, slightly lower than the February report.

--provided by Brugler Marketing & Management

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