Corn futures are showing fractional to 3 1/2 cent gains in most contracts, as March expires today. The USDA reported a disappointing 371,981 MT for old crop weekly export sales, just half of estimates and well below this time last year. South Korea was the lead buyer of 120,200 MT, with Japan purchasing 110,600 MT. New crop sales were a supportive 474,577 MT. Mexico purchased 269,600 MT, as 202,000 MT was sold to Japan. Those export results are being treated as old news, but show you why a price break was needed. 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.
Mar 19 Corn is at $3.62 3/4, up 5 1/2 cents,
May 19 Corn is at $3.70, up 3 1/2 cents,
Jul 19 Corn is at $3.79 1/4, up 3 cents
Sep 19 Corn is at $3.86 1/4, up 2 3/4 cents
--provided by Brugler Marketing & Management