Corn Futures Market News and Commentary
Following the gains to start the week, corn is trading another penny to 2 1/4 cents higher. November corn futures on the Dalian posted a new life of contract high on 10/19 @ 2,610 yuan/MT (~$9.93/bu). That was the highest price for the front month since 2,770 yuan/MT (~$11.44/bu (time adjusted exchange rate)) on Sept 1. 2014. The national corn basis from cmdtyView was 26 cents under Dec on 10/20. Japan’s Ministry of Ag said 49.8% of animal feed was corn based during August, up 2.05% yr/yr. Brazil’s Ag Rural said first crop corn planting was 44% complete in the Center-South region. USDA’s Crop Explorer USAF precip model had the majority of Brazil at 0-25% of normal rainfall for the week 10/12-10/18. Actual rainfall was below 25 mm for the entire crop growing region during the same week. More rain is being received this week.
Dec 20 Corn is at $4.07 1/4, up 2 cents,
Mar 21 Corn is at $4.12, up 1 1/2 cents,
May 21 Corn is at $4.14 1/4, up 2 cen... Read more