Corn Stumbles out of Weekend

Corn futures come out of the weekend with losses of 2 1/4 to 2 3/4 cents. The USDA reported a private export sale of corn to unknown destination for a 19/20 MY delivery under the daily reporting system. Export inspections for the week ending 11/15 were up 9.55% to 637,397 MT. export inspections for the same week last year were 845,957 MT. Colombia and Mexico were the main destinations for the shipments, with 16.38% and 58.32% respectively. The MYTD inspections are now 4.980 MMT (196.052 mbu). Corn exports remain considerably lower than last year’s pace, the accumulated export inspections 58.44% behind, or are 275.735 mbu less. Conversely, sorghum exports are exceeding last year’s pace. The MYTD accumulated export inspections for the substitute are 445,663 MT as of 11/14, which is nearly double (94.98%) this point last year. Corn harvest is likely still dragging behind the average pace of 92%, with trade ideas closer to 78% for tonight’s report.

DEC 19 Corn is at $3.69, down 2 1/4 cents,

MAR 19 Corn is at $3.78 1/4, down 2 1/2 cents,

MAY 20 Corn is at $3.84, down 2 1/2 cents

JUL 20 Corn is at $3.89 3/4, down 2 3/4 cents

---provided by Brugler Marketing & Management

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