Corn futures are currently 1 to 2 cents lower in most nearby contracts. A report overnight shows that China canceled around 4 cargoes of US corn in January, as they look to source non-GMO corn for processing. They switched those cargoes to Ukraine origin, a country that does not use GMOs. Thursday morning’s Export Sales report showed export shipments for the week of Feb 1of 961,200 MT. Along with increasing expected exports 125 million bushels in the WASDE report, the USDA also raised the range for the cash average price to $3.05-3.55, with a mid-point 5 cents higher @$3.30. Thanks to the 3 MMT reduction in Argentine corn production, the US and Brazil’s exports were both raised. South Korea purchased 202,000 MT of corn on Friday, with the origin likely the US or South America.

Mar 18 Corn is at $3.64, down 1 3/4 cents,

May 18 Corn is at $3.71 1/2, down 1 3/4 cents,

Jul 18 Corn is at $3.79, down 2 cents

Sep 18 Corn is at $3.85 1/2, down 1 3/4 cents

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