Corn futures are showing gains of 2 to 4 3/4 cents in most front months at midday. The USDA reported a private sale of 110,000 MT to Japan for 17/18 delivery this morning. The weekly Export Sales report showed old crop sales continuing their robust pattern at 1.857 MMT for the week of 3/1, well above last year and up 8.15% wk/wk. There were 70,281 MT tallied for new crop sales. In the USDA’s monthly supply and demand report, US ending stocks were trimmed 225 mbu by the USDA to 2.127 bbu thanks to a jump in crush and exports. Production in Brazil was cut by just 0.5 to 94.5 MMT (CONAB now at 87.28 MMT), with Argentina dropping 3 MMT to 36 MMT. With the reduction in production and US ending stocks, the world ending stock projection was cut by 3.92 to 199.17 MMT.

Mar 18 Corn is at $3.84, up 4 3/4 cents,

May 18 Corn is at $3.91 1/2, up 4 1/4 cents,

Jul 18 Corn is at $3.98 1/4, up 3 3/4 cents

Sep 18 Corn is at $4.02 1/2, up 2 3/4 cents

Market Commentary provided by:

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