Corn Futures Market News and Commentary
At the close for Thursday, front month corn futures had given back 4 1/4 to 7 cents. That left the December to December spread at a 2 1/4 cent premium for spot corn. The ECB basis was firm for Thursday but weaker for the week to 30.25 cents under Dec. cmdtyView data showed the WCB basis has remained firm through the week at minus 18 1/2 cents.
USDA announced a large private export sale to Mexico this morning, for 130k MT of corn. The weekly Export Sales report showed 1.27 MMT of corn booked during the week of 10/14. That included 161k MT of previously known business to unknown. Unknown destinations was also the largest buyer with a total of 456,700 MT booked. Mexico and Japan followed with 377k and 230k MT booked. Total outstanding sales are 6.5% ahead of last season’s pace with 24.44 MMTs on the books. Exports, after the first +1 MMT week for the season, reached 4.46 MMT as of 10/14. That trails last season’s pace by 17%.
For milo, the weekly report showed a MY high 2... Read more