Corn Market Commentary

Corn futures ended the Thursday session with most contracts 3 to 4 cents higher. Bulls got help from decent export sales data and spill over from soybeans and wheat. The weekly FAS Export Sales report indicated old crop sales on the light side of trade estimates at 338,983 MT, with new crop higher that the range of expectations at 1.045 MMT. Combined sales in the week of 8/9 were 88.48% larger than the same week last year and 14.16% larger than the week prior. Export shipments of corn were tallied at 1.22 MMT during that week, down from the week prior but 74.67% larger than last year. The primary destination was Mexico at 463,100 MT, with 290,700 MT headed to Japan. China sold 1.53 MMT of corn from state reserves into the domestic market, totaling 38.43% of the amount offered.

Sep 18 Corn closed at $3.65 1/4, up 3 3/4 cents,

Dec 18 Corn closed at $3.79 3/4, up 3 3/4 cents,

Mar 19 Corn closed at $3.91 1/2, up 3 3/4 cents

May 19 Corn closed at $3.98 1/2, up 3 3/4 cents




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