Corn futures settled the Thursday session with most contracts fractionally to 2 3/4 cents higher. The USDA reported 1.255 MMT of 17/18 corn sold for export during the week of October 12, exceeding most trade expectations. That was down 21.23% from last week but 43.67% larger than the same week in 2016. Mexico purchased 510,100 MT, with 233,800 MT bought for Japan. There was another 15,000 MT sold for 18/19 delivery. Weekly shipments dropped 50% from last week and 72.93% from a year ago at 339,252 MT. Informa updated their 2018 US acreage estimates to 90.46 million acres for corn, down 1.42 million acres from their September estimate. China sold 782,089 MT of the 1.116 MMT offered at an auction of state reserves on Thursday.

Dec 17 Corn closed at $3.49, up 1/2 cent,

Mar 18 Corn closed at $3.62 3/4, up 1/2 cent,

May 18 Corn closed at $3.71 1/4, up 1/2 cent

Jul 18 Corn closed at $3.78 1/4, up 1/2 cent

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