Corn Market Hanging Out At UNCH

Corn futures are trading UNCH to fractionally higher this morning. Corn futures lost 4 to 4 1/2 cents on Friday with December 6 cents lower for the full week. Export sales are improving, but rather slowly. USDA’s weekly export sales update showed corn export sales were 19.2% higher wk/wk as of 11/07. The 581,568 MT of sales, however, were only 65.16% of the same week last year. USDA also reported weekly exports for the week ending 11/07, showing that 602,235 MT, or 23.71 mbu, were shipped for the week. That is 89.5% higher wk/wk, but still well below the same week last year. Corn accumulated shipments are 178.78 mbu, 61.23% below last year’s pace. The Commitment of Traders Report on Friday afternoon showed that as of November 12, managed money spec funds were still adding to their net short for corn futures. They increased their short position by 5.8% wk/wk. Corn harvest is likely still dragging behind the average pace of 92%, with trade ideas closer to 78% for tonight’s report.

---provided by Brugler Marketing & Management

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