Corn Market Commentary

Corn futures ended the Thursday session with most contracts 1 to 2 1/4 cents lower. USDA reported a private export sale of 198,120 MT of corn to Mexico this morning, with 106,680 MT for 18/19 delivery and the balance for 19/20. This morning’s delayed EIA report showed ethanol production in the final week of November at 1.069 million barrels per day. That was up 21,000 bpd from the week prior, as ethanol stockpiles rose 100,000 barrels to 23.030 million barrels. US census data released this morning showed October corn exports @ 5.695 MMT (224.19 mbu), more than double last year and the second largest ever for October. DDG exports were also the second most for October at 1.018 MMT, with ethanol exports an October record 175.41 million gallons. Analysts expect Friday morning’s Export Sales report to show 0.8-1.1 MMT in corn sales for the week of 11/29.

Dec 18 Corn closed at $3.72, down 2 1/4 cents,

Mar 19 Corn closed at $3.82 3/4, down 1 1/2 cents,

May 19 Corn closed at $3.90, down 1 1/4 cents

Jul 19 Corn closed at $3.96 1/4, down 1 1/4 cents

--provided by Brugler Marketing & Management




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