Corn futures are mostly 1 to 2 cents lower at midday. The USDA Grain Crush report indicated that 476.129 mbu of corn was used for ethanol during January, slightly above last year but down 2.4% from December. Total commitments for corn exports are now just 8% behind last year, gaining 2.5% since last week! The Buenos Aires Grain Exchange estimates that the Argentine corn crop conditions are at 5.5% good with 0% in the excellent category, with 76.4% rated as poor/very poor. They left their estimate at 37 MMT for the 17/18 crop. Brazil’s Trade Ministry reported that 1.25 MMT of corn was exported during February. That was less than half of January’s total but well above the same month last year.

Mar 18 Corn is at $3.77, down 1 3/4 cents,

May 18 Corn is at $3.85, down 1 1/4 cents,

Jul 18 Corn is at $3.92 1/4, down 1 1/4 cents

Sep 18 Corn is at $3.97 1/2, down 1 1/4 cents

Market Commentary provided by:

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