Corn futures are trading 1 to 2 3/4 cents higher at midday for the first trading session of the new year. The USDA weekly Export Inspections report showed very typical holiday week shipping of 683,898 MT. Last year it was 638,577 MT for the same week. Brazil is getting some rain down into the dry southern states, and Cordoba in Argentina has also seen some showers to improve crop prospects. The Commitment of Traders report showed the large spec funds reducing their net short position in corn futures & options during the week ending December 26. The EU Commission increased corn production estimate to 64.6 MMT from 62.2 MMT.

Mar 18 Corn is at $3.53 1/2, up 2 3/4 cents,

May 18 Corn is at $3.61 1/2, up 2 1/2 cents,

Jul 18 Corn is at $3.70, up 2 3/4 cents

Sep 18 Corn is at $3.77 1/4, up 2 1/2 cents

Market Commentary provided by:

Brugler Marketing & Management LLC
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