Corn futures are trading 4 to 5 3/4 cents higher this morning. They closed lower for the first time in 9 sessions on Thursday, with most contracts down 1 to 5 1/4 cents. USDA reported that this year’s MFP payment will be based on single county rates multiplied by aggregate acres of the 29 listed crops affected including corn. There were rumors overnight that the White House was somehow going to change existing crop insurance contracts to enhance the payout for prevented planting. The USDA reported 442,080 MT of old crop corn sold for export during the week of May 16, with Japan purchasing 185,800 MT. That was in the range of estimates but down 48.25% from the same week a year ago. New crop sales totaled 183,879 MT. An auction of Chinese state reserves sold 3.62 MMT of 2014 corn on Thursday, which was 90.66% of the total offered.
--provided by Brugler Marketing & Management