Corn futures are trading 3 to 4 cents lower this morning, after closing Wednesday with double digit losses following the USDA report. The USDA increase their 16/17 US ending stocks projection to 2.37 bbu, as Feed and Residual was lowered 75 mbu. US ending stocks for 17/18 saw an upward shift to 2.325 bbu on higher production and larger beginning stocks. The USDA also lowered the average farm price estimate 10 cents to a range of $2.90-$3.70. World ending stocks for 16/17 were raised to 227.57 MMT, as higher production and lower feed usage were the culprits. World ending stocks for 17/18 were increased mainly on higher US production and more carryover from 16/17. A band of shower activity from NE to OH this morning is not improving the bulls case. For the Export Sales report this morning, analysts are expecting the USDA to show 300,000-500,000 MT in old crop corn export sales, with new crop projected at 50,000-200,000 MT.

Market Commentary provided by:

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