BRUG - Thu Aug 17, 4:29PM CDT

Corn futures closed Thursday with most contracts 1 to 2 1/4 cents lower. The USDA indicated old crop sales of 62,424 MT, as 671,767 MT of new crop sales were reported for the week of August 10. That was on the higher end of expectations, as total sales were 7.9% larger than last week but are still 39.33% below this time last year. A large portion of 16/17 sales were reported as switched from unknown destinations, as there was a net reduction of 260,800 MT shown for unknown. There was also 698,461 MT of corn reported for shipment, well below this time last year. On Thursday, China sold 123,811 MT of corn from 2014, with an additional 15,000 MT of 2013 corn being sold at an auction of state reserves. That was just 17.14% of the total amount offered.

Sep 17 Corn closed at $3.50 1/2, down 2 cents,

Dec 17 Corn closed at $3.64 1/4, down 2 1/4 cents,

Mar 18 Corn closed at $3.76 1/4, down 2 cents

May 18 Corn closed at $3.82 1/4, down 2 1/4 cents

Market Commentary provided by:

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