Corn futures are currently 1 to 2 cents higher since being 2 1/2 to 3 3/4 cents lower on Thursday. There was general commodity selling Thursday ahead of today’s raft of USDA reports and in the face of an extended dollar rally. The weekly Export Sales report showed 503,117 MT in old crop corn sales in the week ending 12/27. That was down from the week prior as expected but still well above the same week last year. Analysts surveyed by Reuters are expecting US 18/19 carryout to be trimmed by 73 mbu to 1.708 bbu in today’s WASDE report. They also estimate that Argentine production will be slightly higher at 43.09 MMT and Brazil will drop 1.09 to 93.41 MMT.
--provided by Brugler Marketing & Management