Corn futures are trading 2 to 2 3/4 cents higher on Turnaround Tuesday, fueled by a potential Congressional budget deal. They closed the Monday session with most nearby contracts 1 1/2 cents lower. Preliminary open interest jumped 23,086 contracts. The weekly USDA Export Inspections report showed 743,536 MTs shipped in the week of February 7. That was a drop of 17.5% from the week prior and 12.17% lower than the same week in 2018. Among the numerous 18/19 US balance sheet revisions on Friday, USDA slashed the feed and residual number by 125 mbu to 5.375 bbu as well as trimming the ethanol usage number by 25 mbu. Their average farm price estimated range was narrowed by 20 cents, with the mid-point still at $3.60. CONAB is expected to release their February crop update for Brazil today.
--provided by Brugler Marketing & Management