Corn futures are currently 3 to 4 cents lower on Friday, with pressure coming from wheat. Export commitments of corn slipped slightly from last week but are still down just 0.76% from a year ago. They are 85% of the full year WASDE forecast and running above the average pace of 84% for this date. China sold another 2.627 MMT of corn (from 2014) from state reserves on Friday, totaling 85.01% of the offered amount. There was also 301,850 MT of 2013 corn sold. The Argentine Ag Ministry estimates that the country’s corn harvest is 31% complete, compared to the average of 25% for this date.

May 18 Corn is at $3.85 1/4, down 3 1/2 cents,

Jul 18 Corn is at $3.93 1/2, down 3 3/4 cents,

Sep 18 Corn is at $4.00 1/4, down 4 cents

Dec 18 Corn is at $4.09 1/2, down 4 cents

Market Commentary provided by:

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