Corn futures are fractionally lower so far for the Monday session. Preliminary open interest data showed net new selling on Friday, with OI rising 18,478 contracts. USDA announced a large export sale for 160,020 MT of corn to Mexico. The weekly Export Inspections report showed 34.014 mbu of corn were shipped on the week ending 10/01. That was 15.38 mbu above the same week in 19/20. China was the top destination for the week’s shipments with 40% of the total. China was also the exclusive destination for the week’s sorghum exports, with 157,647 MT. MYTD corn exports are 144.4 mbu through the first 5 weeks of the MY, up 81% yr/yr. Accumulated sorghum exports are 144% above last MY’s pace with 462k MT. Brazilian corn exports were 6.6 MMT for September, up 160k from Sept ’19. Traders expect USDA to show 22-24% of the US corn crop has been harvested, with steady 61% good/ex condition ratings.
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Dec 20 Corn is at $3.79 1/4, down 1/2 cent, |
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Mar 21 Corn is at $3.88 3/4, down 1/2 cent, |
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May 21 Corn is at $3.94 1/4, down 1/2 cent, |
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Jul 21 Corn is at $3.97 3/4, down 3/4 cent, |
--- provided by Brugler Marketing & Management
