Corn futures closed 1 to 2 cents higher on 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. Soil moisture is expected to decline in southern Brazil, Argentina and Uruguay over the next week, driven by higher temps and limited rainfall during pollination. The EU Commission increased corn production estimate to 64.6 MMT from 62.2 MMT. The afternoon USDA CAIR Grain Crush report showed 525 million bushels of corn used for ethanol and other industrial uses in November. Of that, 475.7 million went to fuel ethanol production, which was up 1.2% from October and up 5.2% from November 2016.

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

May 18 Corn closed at $3.61 1/4, up 2 1/4 cents,

Jul 18 Corn closed at $3.69 3/4, up 2 1/2 cents

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

Market Commentary provided by:

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