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Corn Market Commentary

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Corn futures are trading 1 cent higher this morning. They were steady to 2 1/4 cents lower in most nearby contracts on Thursday. 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. 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.

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