Corn futures are mostly 2 to 3 cents higher in most contracts at midday. The USDA reported private export sales of 210,000 MT of 17/18 corn to South Korea through their daily system this morning. Dr. Michael Cordonnier trimmed his Argentina corn estimate another 1 MMT to 43 MMT, while leaving his Brazil projection at 86 MMT. According to DTN, the national average corn price on Monday was 33 cents above last year at $3.53 1/4. That puts the basis 3 1/4 cents above this time last year at -31 cents, with the March contract is set to expire on Wednesday

Mar 18 Corn is at $3.87, up 2 3/4 cents,

May 18 Corn is at $3.93 1/4, up 2 1/2 cents,

Jul 18 Corn is at $4.01, up 2 1/2 cents

Sep 18 Corn is at $4.05 1/4, up 2 1/2 cents

Market Commentary provided by:

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