Corn futures are up 5 to 5 1/4 cents on profit taking, after an ugly day on Thursday. Total corn export commitments are now just 16.37% above last year at this point. The USDA is projecting 2.225 billion bushels in exports for 2016/17. Total commitments are now 99% of that number, vs. 103% last year and the average of 102%. According to trade reports, Planalytics now projects the US corn yield at 165.3 bpa, down 1.3 bpa from their previous estimate. China sold an additional 2.6 MMT of 2014 corn in an auction of state reserves that had 2.99 MMT of corn offered on Friday. The Buenos Aires Grain Exchange reported that 55.5% of the country’s corn crop has been harvested, just 2.5% higher than the previous week. Exportable supplies are still adequate.

Jul 17 Corn is at $3.69, up 8 cents,

Sep 17 Corn is at $3.75, up 5 1/4 cents,

Dec 17 Corn is at $3.88, up 5 cents

Mar 18 Corn is at $3.98 1/2, up 5 cents

Market Commentary provided by:

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