Corn futures are trading steady to a penny lower this morning. They posted fractional to 4 1/4 cent gains in most contracts on Thursday. The USDA reported 371,981 MT for old crop weekly export sales, just half of estimates and well below this time last year. New crop sales were a supportive 474,577 MT. Total export commitments are down 6.3% from a year ago, when importers were buying in anticipation of a smaller South American crop. In a tender on Wednesday a South Korean importer purchased 60,000 MT of US corn. Analysts with ProAgro estimate Ukraine’s 2019 corn crop at 31.2 MMT, down 4.4 MMT from the year prior. China is rumored to be picking up additional US sorghum cargos.
--provided by Brugler Marketing & Management