Corn Futures Market News and Commentary
Corn futures finished the week with a 4 1/2 cent loss after ending Friday’s session mostly steady to higher. The USDA reported a private export sale of 245,872 MT of corn to Mexico under the daily reporting system with a 19/20 MY delivery. Estimates for ending stocks ahead of WASDE’s report range from as low as 1.190 bbu, to 1.960 bbu and the average estimate of polled analysts coming in at 1.902 bbu. The November forecast was 1.91 bbu. The Commitment of Traders Report showed that as of Tuesday spec traders were 85,137 contracts net short, following a 26.65% bearish shift of the position wk/wk.
DEC 19 Corn closed at $3.66 1/2, up 1 cent,
MAR 19 Corn closed at $3.76 3/4, unch,
MAY 20 Corn closed at $3.82 1/2, unch,
JUL 20 Corn closed at $3.86 3/4, down 1/4 cent