Brugler Marketing and Management, LLC - BRUG - Wed Jul 11, 7:29AM CDT

Corn futures are currently 3 cents per bushel lower after posting 5 to 6 1/4 cent losses in most contracts on Tuesday. December posted a new contract low at $3.57. The USDA reported a private export sale of 113,000 MT of corn to Egypt for 2017/18 (60,000 MT) and 2018/19 (53,000 MT). They also reported a cancellation of 152,000 MT of 2017/18 sorghum to Mexico. The average trade guess for old crop US corn stocks in Thursday’s USDA S&D report is for a 13 mbu jump to 2.115 bbu. New crop US stocks are also seen higher, mainly from the increase to acreage in June 29’s Acreage report. CONAB updated their 17/18 Brazil corn production numbers with a 2.21 MMT reduction to the second crop (now 56.01 MMT), with the total crop down 2.08 MMT to 82.92 MMT. Analysts are expecting Thursday’s USDA report to show 83.2 MMT for Brazil, with Argentina at 32.7 MMT.

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