Corn futures ended the Friday session with fractional losses on pre-weekend profit taking. Nearby March managed to gain a nickel on the week. Private export sales of 17/18 corn were reported by the USDA this morning for 170,000 MT to Egypt and 195,000 MT to Unknown Destinations. The CFTC Commitment of Traders report indicated spec funds in corn futures and options cut back their net short position by 88,734 contracts. That net position was at -130,942 contracts as of Tuesday. Export commitments compared to the USDA forecast are now even with the average pace at 66%, but still lag last year’s 73%. Informa estimates that the 17/18 Argentina corn crop will be at 37 MMT, down 5 MMT from their previous estimate.

Mar 18 Corn closed at $3.61 1/2, down 1/4 cent,

May 18 Corn closed at $3.69 1/2, down 1/2 cent,

Jul 18 Corn closed at $3.77 1/4, down 1/2 cent

Sep 18 Corn closed at $3.84 1/2, down 1/2 cent

Market Commentary provided by:

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