Corn futures are mostly 3 3/4 cents higher in the nearby contracts at midday. The USDA reported private export sales of 120,000 MT of corn to Japan and 105,000 MT to Unknown destinations for 17/18 delivery through their daily reporting system this morning. The weekly EIA report will be released on Wednesday. Ahead of Thursday’s monthly USDA report, analysts are expecting to see a 9 mbu reduction in US corn ending stocks to 2.468 bbu. They are also expecting to see Brazil’s corn production number cut 1.7 to 93.3 MMT, with Argentina down 1.5 to 40.5 MMT.

Mar 18 Corn is at $3.62 1/2, up 3 3/4 cents,

May 18 Corn is at $3.70 1/4, up 3 3/4 cents,

Jul 18 Corn is at $3.78, up 3 3/4 cents

Sep 18 Corn is at $3.85, up 3 3/4 cents

Market Commentary provided by:

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