Corn futures closed 2 to 2 1/2 cents in the green on Thursday. The drought monitor shows parts of the Corn Belt with abnormal dryness, through Tuesday June 13. Rains expected across the more eastern areas, will likely reverse part of that. The USDA reported 600,740 MT for old crop export bookings, within expectations and 72.33% larger than last week. There were just 13,510 MT shown for 2017/18 sales. So far this year, new crop outstanding sales are 30.39% behind last year, as high South American production has hindered demand for2017/18 US corn. Weekly shipments for the week of June 8 were down 18.3% on the week to 992,266 MT, with total exports YTD 40.06% above last year. Satellite imagery company Planalytics estimates 2017 US corn yield at 166.9 bu/ac, down 0.5 bu/ac from their previous estimate. China was reported to have sold only 98,293 MT of the nearly 1.385 MMT of 2013 corn offered at an auction of state reserves on Thursday.

Jul 17 Corn closed at $3.79 1/2, up 2 1/2 cents,

Sep 17 Corn closed at $3.87 1/2, up 2 1/2 cents,

Dec 17 Corn closed at $3.97 3/4, up 2 1/4 cents

Mar 18 Corn closed at $4.06 3/4, up 2 cents

Market Commentary provided by:

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