Corn 2 to 3 Cents Higher

Corn futures are 2 to 3 cents higher this morning after rising 3 to 5 1/2 cents on Tuesday. There was some net new buying on Tuesday, with preliminary open interest rising 9,952 contracts. The national average corn basis from cmdtyView is 28 cents under Dec, which is the strongest since the roll to Dec futures. Barchart released their cmdtyView corn yield forecast of 178.2 bpa; that is down from 178.43 bpa in September. A Bloomberg survey has US average corn yield dropping to 177.9 bpa in Friday’s report. The average trade estimate for production is 14.823 bbu, with estimates between 14.638 and 15.030. Traders expect USDA to show corn ending stocks at 2.120 bbu. That would be down 383 mbu from September if realized. Census data had August corn export shipments at 178.7 mbu. That puts the 2019/20 MY total at 1.776 billion, with official census data. The September WASDE had 1.765 billion bushels. Those 2019/20 corn exports were the weakest since the 2012/13 MY. Corn exports to China in August was the largest for any month on record to that destination. The total 2019/20 corn exports to the PRC were 164.9 mbu, which was the largest since the 2011/2012 MY. --- provided by Brugler Marketing & Management

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