Corn futures are up 1 1/2 to 2 1/4 cents in the nearby contracts at midday. This morning, the USDA announced a private export sale of 120,000 MT to Mexico, through their daily reporting system. Total corn export commitments (to June 8) were 19.92% above last year at this point. They are 97% of the USDA projected export total slightly lagging the average of 98%. Satellite imagery company Planalytics estimates 2017 US corn yield at 166.9 bu/ac, down 0.5 bu/ac from their previous estimate. On Friday, China sold 1.254 MMT of corn from state reserves, most of which was from 2013, as 58.5% of the total 2.144 MMT offered was sold. The Buenos Aires Grain Exchange estimates that 45% of the Argentine corn crop has been harvested as of Thursday.

Jul 17 Corn is at $3.81 3/4, up 2 1/4 cents,

Sep 17 Corn is at $3.89 1/2, up 2 cents,

Dec 17 Corn is at $3.99 1/2, up 1 3/4 cents

Mar 18 Corn is at $4.08 1/4, up 1 1/2 cents

Market Commentary provided by:

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