Corn futures are hovering near UNCH this morning after closing 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. Safras & Mercado estimates that 61% of Brazil’s 2017 second corn crop has been sold by producers, compared to 83.3% in the same timeframe last year. The 2017/18 first crop plantings (about 82% done) may only cover 3.85 mHA vs 5.3 mHA last year.

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