Corn Market Recap - 1/10/2017

January 10, 2017 9:31AM CST

March Corn finished down 1 3/4 at 358 1/4, 1 1/4 off the high and 1 up from the low. May Corn closed down 1 3/4 at 365 1/4. This was 1 up from the low and 1 off the high.

The corn market traded inside Monday's range in typical pre-report action. U.S. exporters announced the sale of 130,000 tonnes of corn to Taiwan and 241,600 tonnes to Unknown destinations, of which 91,300 tonnes were old crop and 150,300 was new crop. South American crop scout Soybean and Corn Advisor estimated the Argentine corn crop at 34.5 million tonnes, down from last month's estimate of 35.0 million. Conab estimated the Brazilian corn production at 84.48 million tonnes, up from their previous estimate of 83.82 million tonnes but well below the average guesses of 88.9 million. Brazil's first crop is estimated at 28.4 million which is up about 10% from last year. The second crop (Safrinha) was estimated at 56 million tonnes, up from last year's 41 million.

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