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Corn Market Commentary

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Corn futures are hovering close to UNCH this morning ahead of the USDA reports. They closed 1 to 2 1/4 cents lower on Thursday. The weekly FAS Export Sales report showed 554,492 MT in old crop corn sales and 657,670 MT for 2018/19. Total 18/19 outstanding sales are 54.22% larger than the same week in 2017. Shipments last week were 1.429 MMT, up 46.76% from last year. The trade appears to expect 2017/18 world ending stocks will be trimmed by ~1.2 MMT to 190.5 MMT in the WASDE report. CONAB trimmed their 17/18 Brazil corn production number by 0.75 to 82.18 MMT. China sold 1.176 MMT of corn from state reserves in an auction on Thursday, totaling 29.51% of the amount offered.

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