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Corn futures are mostly 1 to 2 cents higher this morning. They closed the Monday session with most contracts fractionally to 1 1/4 cents higher. The USDA reported private export sales of 107,752 MT of 17/18 corn to Japan and 254,800 MT to unknown destinations through their daily system Monday morning. The USDA Export Inspections report showed 1.377 MMT in shipments during the week of 3/8. That was 40.57% larger than the previous week, but down 12.1% from the same week last year. Inspections YTD are now lagging last year by 29.74% at 20.323 MMT. China increased their processing capacity for corn by 33 MMT to 137 MMT during 2017, in an effort to trim their large and ageing carryover stocks. There were 441 contracts put out against March futures deliveries overnight, with the Dreyfus house account stopping 418 of them.

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