Corn Market Recap - 8/18/2016

August 18, 2016 10:49AM CDT

September Corn finished up 1 3/4 at 332, 1 off the high and 5 1/2 up from the low. December Corn closed up 2 1/4 at 342. This was 5 3/4 up from the low and 1 off the high.

The market traded a few cents lower on the session early in the day led by weakness in soybeans. However, a recovery in soybeans, weakness in the US dollar and another strong day for energy prices helped to support the market. On top of the weekly sales report, exporters reported a sale of 101,600 tonnes of US corn was sold to
unknown destination. Weekly export sales came in at 167,400 tonnes for the current marketing year and 1.043 million tonnes for the next marketing year for a total of 1.210 million tonnes which was about as expected. As of August 11th, cumulative sales stand at 18.3% of the USDA forecast for 2016/2017 (next) marketing year versus a 5 year average of 23.0%. Sales of 819,000 tonnes are needed each week to reach the USDA forecast.

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