Corn (P) March 2012 (CH12)

Corn futures are trading lower with export sales at the lowest level of the last three years for this week. The trade was expecting corn export sales of 1.0-1.3 MMT this morning but USDA put the actual net sales at 156,100 MT for 2012/12 marketing year and 325,900 MT for 2012/13 marketing year or about half of what the trade was looking for. The IGC raised their estimate for the world corn crop to 913 MMT up 12.7 MMT from their April prediction also adding a bearish tone to the market today. USDA put world corn production at 829.12 MMT on their May report. Weekly ethanol production rose to 919,000 barrels per day. More firms are raising corn use over the 5 billion bushels mark for the year. Plant margins appear black but thin, while blend margins are good. Ethanol stocks are at 21.4 million barrels.

Jul 12 Corn is at $5.94 1/4, down 9 1/4 cents,
Sep 12 Corn is at $5.24, down 5 cents,
Dec 12 Corn is at $5.19 3/4, down 3 1/4 cents
Dec 12 Corn is at $5.19 3/4, down 3 1/4 cents