Corn Trades Fractionally Lower

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.

Dec 20 Corn is at $3.79 1/4, down 1/2 cent,

Mar 21 Corn is at $3.88 3/4, down 1/2 cent,

May 21 Corn is at $3.94 1/4, down 1/2 cent,

Jul 21 Corn is at $3.97 3/4, down 3/4 cent,

--- provided by Brugler Marketing & Management

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