Corn Market Recap - 1/6/2017

January 6, 2017 9:54AM CST

March Corn finished down 3 1/4 at 358, 4 1/2 off the high and 1 1/4 up from the low. May Corn closed down 2 3/4 at 364 3/4. This was 1 1/4 up from the low and 4 1/4 off the high.

March corn ran into profit taking after five consecutive higher closes, the market was still up 1.70% on the week. A stronger dollar, less threatening South America weather and poor export sales all lent to the negative tone of the market. Weekly export sales came in at just 429,200 metric tonnes from trade expectations for 650,000-950,000 tonnes. As of December 29th, cumulative corn sales stand at 63.2% of the USDA forecast for 2016/2017 (current) marketing year versus a 5 year average of 58.1%. The data suggests that the USDA is in a position to raise corn exports for the upcoming supply/demand report.

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