Corn Continues Higher at Week End
BRUG - Fri May 17, 12:30PM CDT

Corn futures are showing gains of 2 to 5 1/4 cents in the front months on Friday, as Dec nears $4. The buying is tied to slow planting progress and the potential impacts on either final acreage or yield. US exports as of May 9 are 63% of the USDA projection for 18/19, matching the average pace. The total commitments, however, are just 80% of that projection vs the 92% average, as unshipped sales are lagging. The Buenos Aires Grain Exchange estimates that 34% of Argentina’s corn crop is harvested, about the normal pace. They also left their production estimate at 48 MMT, vs. USDA at 49 MMT. A total of 138,000 MT of corn was bought in separate South Korean tenders on Friday, with US and South America listed as optional origins.

Jul 19 Corn is at $3.84 1/4, up 5 1/4 cents,

Sep 19 Corn is at $3.91 1/2, up 4 1/2 cents,

Dec 19 Corn is at $3.99 3/4, up 3 1/4 cents

Mar 20 Corn is at $4.09 1/4, up 2 3/4 cents

--provided by Brugler Marketing & Management

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