Corn futures closed the Tuesday session steady to fractionally mixed. As of Monday night, the average cash corn price in the US was $3.08 1/4 just 2 cents below last year with slower exports and larger carryover. The national basis was at -36 3/4 cents, 2 3/4 stronger than a year ago. Last year at this time showed 6 of the 18 major production states 100% harvested and 5 others with 97% complete. As of Sunday, the USDA showed only a total of 3 states at 97% or more with TN and NC 100% complete. This is not a market factor, with overall stocks levels high. Safras & Mercado estimate that 61% of Brazil’s 2017 second corn crop is sold, compared to 83.3% in the same timeframe last year.

Dec 17 Corn closed at $3.45, unch,

Mar 18 Corn closed at $3.56 1/4, down 1/4 cent,

May 18 Corn closed at $3.64 1/2, down 1/4 cent

Jul 18 Corn closed at $3.72 1/4, down 1/4 cent

Market Commentary provided by:

Brugler Marketing & Management LLC
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