Corn Market Recap for 1/18/2013
Fri 18 Jan 2013 14:30:25 CT
Related Keywords: Agriculture

March Corn finished up 3 at 727 1/2, 2 off the high and 4 1/2 up from the low. May Corn closed up 4 at 729 1/4. This was 5 1/2 up from the low and 1 3/4 off the high.

March corn traded modestly higher into the closing bell. The stock market took a breather after sharp gains yesterday and the US Dollar is sharply higher on the day which limited gains. The South American weather outlook was unchanged midday with a dry forecast for Argentina and Southern Brazil. Late next week some light showers may be seen in Argentina but accumulation is expected to be light. The sluggish export pace and potential slowdown in the ethanol sector may create headwinds for the bull camp long term but the tight supply outlook as we head into the spring continues to add strong underlying support to the market along with the firm basis in the country. Argentina announced this morning that they will release another 3 million tonnes of export quotas for this crop year and the government has already freed 15 million tonnes of corn for export for 2012/13. A private analyst released their updated 2013 planting estimates and pegged corn acreage at 99.30 million acres vs. 99.03 in December and against the USDA estimate of 97.2 for 2012/13.


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