Corn futures closed the Wednesday session with most contracts 2 1/4 to 3 1/2 lower. The weekly EIA report is delayed until Thursday morning. The USDA announced a private export sale of 150,000 MT to Mexico for 17/18 delivery through their daily reporting system this morning, with little market reaction. Harvest progress across most of the Corn Belt is lagging the average pace, with IA only 8% complete and IL 38% harvested. Condition ratings in NE were down 4 points this week in the Brugler500 Index, as IA was up 3 and IL improved 9 points. Analysts are expecting to see a 0.56 MMT drop in world ending stocks for 17/18 to 201.91 MMT in tomorrow’s USDA report. Celeres expects the Brazil 17/18 first season corn crop production to drop to 28.1 MMT, as acreage is expected to be trimmed 15.3% to 13.42 million acres.

Dec 17 Corn closed at $3.46, down 3 1/4 cents,

Mar 18 Corn closed at $3.59 1/2, down 3 1/4 cents,

May 18 Corn closed at $3.68, down 3 1/2 cents

Jul 18 Corn closed at $3.75 3/4, down 3 1/2 cents

Market Commentary provided by:

Brugler Marketing & Management LLC
1908 N. 203rd St.Omaha, NE 68022
Phone: 402-697-3623
Fax: 402-289-2353

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