Corn Futures Market News and Commentary
Corn futures reversed Monday losses overnight and are trading 1 to 2 cents higher. On Monday, corn had drifted 1 to 2 cents lower. NASS reported corn harvest had progressed 12% on the week to 72% complete as of 10/25. That was in line with estimates, and remains 16 percentage points ahead of the average pace. South Dakota harvest is outpacing the respective 5-yr average by 42%. ND harvest is also 40% ahead of the respective average. Corn harvesting in IA and NE is 33% and 30% ahead of average respectively. SAFRAS and Mercado noted that first crop corn in Brazil was 53% planted as of 10/23. That compares to the 62.5% average. USDA’s Export Inspections report showed 25.05 mbu of corn exported during the week ending 10/22. That was down from 35.9 mbu last week but up 63% from the same week last year. Accumulated corn exports were 239.88 mbu, which is 82 million ahead of last year’s pace.
--- provided by Brugler Marketing & Management