Corn Market Recap - 1/18/2017

January 18, 2017 10:10AM CST

March Corn finished down 1/2 at 365, 2 3/4 off the high and 2 1/4 up from the low. May Corn closed down 1/2 at 372 1/4. This was 2 up from the low and 2 1/2 off the high.

March corn traded to a high of 367 3/4, highest since October 20th high of 369. The market continues to benefit from the strength in the soy complex due to the recent flooding in Argentina. According to the Agroindustry Minister in Argentina the areas affected in northwestern Buenos Aires, Cordoba and Santa Fe are primarily soy farms. Argentine corn production was estimated at 36.5 million tonnes in January's USDA report. South African 2017 corn plantings will rise 31% to 2.54 million hectares according to industry estimates. South Africa's corn production was 27% lower last year due to the worst drought since 1904, and prompted the country to become a net importer for the first time since 2008. Above average rainfall over the last there months has given relief to growers and has increased intended planted area.

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