Turnaround Tuesday for Corn

Corn is back up for a Turnaround Tuesday, gaining as much as 4 1/2 in nearby contracts. The USDA announced a private export sale of 191,000 MT of corn to an unknown destination with a 19/20 MY delivery. Corn basis was -0.1478 this morning, bringing the monthly average basis to -0.1501 so far. Last year the basis was -.3529. The propane shortage for grain drying has led to 8 state governors declaring a state of emergency, they being: IA, IL, IN, MN, NE, ND, SD, and WI. The USDA’s weekly crop progress report showed that corn harvest was 76% completed. Export inspections for the week ending 11/15 were up to 637,397 MT. The MYTD inspections were 4.980 MMT. The Buenos Aires Grain Exchange reported Argentinean corn planting is 44.3% complete, as of 11/13.

DEC 19 Corn is at $3.71 1/2, up 3 3/4 cents,

MAR 19 Corn is at $3.81 3/4, up 4 1/2 cents,

MAY 20 Corn is at $3.87, up 4 cents

JUL 20 Corn is at $3.92 3/4, up 4 cents

---provided by Brugler Marketing & Management

Market Commentary provided by:

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