Corn Trades Lower After Export Sales Report

Corn futures are trading 2 3/4 to 3 3/4 cents lower in the nearby months. Traders over estimated weekly corn export sales, the holiday delayed report from this morning indicated that for the week ending 10/10 corn saw 368,756 MT of export sales. That is up 29.6% compared to last week. Exports are still way behind last year, with the accumulated exports for MY through 10/10 at 2.637 MMT now 63.75% behind last year’s pace. The delayed EIA weekly report showed an uptick in daily ethanol production by another 8,000 barrels per day, with 971,000 bpd produced for week ending 10/11. That implies more corn consumption. Ethanol stocks were also up yesterday, increasing 817,000 barrels to 22.061 million barrels.

DEC 19 Corn is at $3.91, down 3 3/4 cents,

MAR 19 Corn is at $4.02 3/4, down 3 3/4 cents,

MAY 20 Corn is at $4.09 1/2, down 3 1/4 cents

JUL 20 Corn is at $4.15, down 2 3/4 cents

-- provided by Brugler Marketing & Management




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