Corn finished lower on the day but held together quite well given the large sell-off in the soybean trade, and a weaker tone in the wheat market. For the week, March corn finished 1.22% lower. Export sales released by the USDA were better than expected, with corn sales for the week ending last Thursday at 381,900 MT. The trade was expecting between 100-300,000 MT. The USDA published in the Outlook Forum that expected corn yield would be 163.5 bu/acre this year. They expect exports to increase 600 MB over the previous year due to the increase in production. Ethanol usage was projected to only increase 3.8% in the 2013/14 marketing year, leaving ending stocks/use at 16.7% vs. 7.2% in 2012/13.
Mar 13 Corn closed at $6.90 1/4, down 1/2 cent,
May 13 Corn closed at $6.84 1/4, down 1 1/4 cents,
Jul 13 Corn closed at $6.71 3/4, down 1 1/2 cents
Sep 13 Corn closed at $5.73, down 1 cent
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