Corn Market News and Commentary

Corn futures are trading fractionally lower this morning. They saw gains of 1 to 2 1/4 cents in most contracts on Friday, as they continue to chew up the trading range. Preliminary open interest suggested short covering, dropping 4,678 contracts. Support came from the strength in wheat and sharply higher ethanol. Monthly EIA data shows that US exported 169.8 million gallons of ethanol in November. That was slightly below October but up 57.6% from Nov 2017. Brazil exported 4.22 MMT of corn during January, according to Trade Ministry data, slightly above December and 39.8% larger than Jan 2018 despite the smaller 2018 crop. Some corn exports were delayed by the hefty soy shipping schedule.

--provided by Brugler Marketing & Management

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