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March Corn finished up 4 1/2 at 698 3/4, 1 3/4 off the high and 4 1/4 up from the low. May Corn closed up 3 3/4 at 697 1/2. This was 3 3/4 up from the low and 1 1/2 off the high.
March corn traded slightly higher on the day as trader's position ahead of tomorrow's USDA report. Some in the trade are leaning slightly bullish for the report on expectations that supply may be cut if harvested acreage is revised lower. The positive supply side sentiment was offset after export sales came in well below market estimates and show no real sign of improving. Net weekly export sales came in at only 12,600 tonnes for the current marketing year and a cancellation of 11,600 for the next marketing year for a total of only 1,000 tonnes. As of January 3rd, cumulative corn sales stand at 44% of the USDA forecast for current marketing year vs. a 5 year average of 57.5%. Sales of 478,000 tonnes are needed each week to reach the USDA forecast, up from 464,400 the week prior. South American corn continues to trade at a discount to the US which could be considered a long term negative to price direction.
January Rice finished down 0.13 at 14.87, equal to the high and equal to the low.
*Disclaimer: The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.