Corn Fractionally Mixed at Close

Corn futures were fractionally lower today, trying to size up harvest pressure and also the trade expectations for Friday’s WASDE report. After the close, USDA’s Crop Progress report said 25% of the 2020/21 corn crop was picked as of October 4. Corn conditions improved 1% good/ex to generate a 359 on the Brugler500 index. Milo harvest was even with the 5-yr average at 38% cut. FranceAgriMEr said the French corn harvest was 32% complete, up from 15% LW. In Ukraine 18% of corn has been picked so far, yielding 4.47 MMT. USDA announced a large export sale for 160,020 MT of corn to Mexico this morning. 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. MYTD corn exports are 144.4 mbu through the first 5 weeks, up 81% yr/yr.

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

Mar 21 Corn closed at $3.89 1/4, unch,

May 21 Corn closed at $3.94 3/4, unch,

Jul 21 Corn closed at $3.98 1/4, down 1/4 cent,

--- provided by Brugler Marketing & Management

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