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Corn futures closed around 2 cents lower this afternoon despite another day of sharp losses for the US Dollar Index. Corn prices have found some pressure from the still-increasing ethanol stocks that were reported by the EIA on Wednesday. Grains did not trade the USD today, as the 700 point loss today came after a roughly 1500 point loss on Wednesday. Brazilian corn production estimates published by CONAB show that the agency expects production to reach 83.3 MMT, up from its 82.3 MMT estimate in January (USDA January: 81.5 MMT), including exports of 29 MMT (USDA: 25.5 MMT). The USDA Export Sales report showed that there were 1.144 MMT worth of corn sales during the week ending Jan 28. This was an increase of nearly 34% week over week, and included 14,410 MT of sales for 2016/17. Pre-report estimates topped at 1.0 MMT. Mexico, Columbia, and Japan teamed up for 67% of all sales. Total commitments are now pegged at 24.225 MMT, still only 75.4% of the total last year through the first 22 weeks of the marketing year.
Mar 16 Corn settled at $3.68 1/2, down 2 1/2 cents,
May 16 Corn settled at $3.73 1/2, down 2 1/2 cents,
Jul 16 Corn settled at $3.78 3/4, down 2 1/2 cents
Sep 16 Corn settled at $3.83 3/4, down 1 3/4 cents