Corn Export Sales Weaker Than Expected

Corn export sales as of January 1 were 387.600 tonnes, about half of what the street was looking for. March Corn is trading at 394 3/4, down 1 3/4 cent in quiet trading. All the chatter is now focused on the USDA report on Monday and global supplies of grain. The Street expects world ending stocks to be 191.20 million tonnes, down from 192.20 million in December; southern hemisphere corn production will be scrutinized. Argentine corn production is estimated at 22.45 million tonnes, up a bit from December, and Brazilian corn production is expected to be 74.60 million tonnes, down from 75 million in December.