Corn
BRUG - Fri Aug 18, 7:19AM CDT
Corn futures are fractionally higher this morning. They ended Thursday with most contracts 1 to 2 1/4 cents lower. The USDA indicated 698,461 MT of corn reported for shipment for the week of August 10, well below last year (when Brazil had a drought and was out of the market). Total export commitments are 13.41% above last year, at 56.47 MMT. With just 3 weeks left in the marketing year, commitments for corn are 100% of the USDA projection, lagging the average of 104% and last year’s 107%. Thus, there is some risk of missing the estimate. 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.



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