Corn

Corn futures are currently 1 to 1 higher after closing fractionally higher on Tuesday. The USDA announced a private export sale of 162,000 MT of US sorghum for 17/18 delivery to China through their daily reporting system Tuesday morning. The spread between US and Chinese prices is making feed grain imports attractive. The weekly EIA report will be released this morning at 9:30 a.m. CST, as ethanol production looks to continue the robust numbers from the past few weeks. Informa estimates the 2017/18 corn crop in Brazil at 89 MMT, down 3 MMT from their prior estimate. Safras is estimating total Brazilian corn production of 90.52 MMT for the new year.




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