Corn Market News and Commentary

Corn futures are currently 1 to 1 1/2 cents lower after seeing most contracts steady to 2 cents higher on Friday. March futures were up 0.93% in a week that saw a couple sizable swings. Higher ethanol prices supported the market on Friday. The government shutdown continues, as Democrats rejected President Trump’s compromise offer on DACA. Brazil’s first corn crop harvest is estimated at 1% complete according to AgRural. Wire sources indicate Turkey bought as much as 342,000 MT of corn in a recent series of tenders. Given the current state of relations, it is not clear that the US participated in the business. EU data released on Monday showed corn imports YTD (since July 1 for them) have totaled 9.25 MMT. That is up 45% from the previous year due to tight supplies stemming from poor crops.

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