Friday’s day session is starting with corn prices down by 3 3/4 to 4 1/2 cents. Overnight the market was mostly downward. Corn futures found buyers on Thursday, pushing the market back up by 4 1/2 to 5 3/4 cents. December was still at a net 5 3/4 cent loss for the week at the Thursday close.
The International Grains Council reduced estimated global corn output by 2 MMT to 1.166 billion in their latest update. That came via cuts to the EU and U.S. offset in part by an increase for China. Consumption was reduced by 3 for a net carryout forecast of 258 MMT.
Weekly USDA data had 408k MT of corn booked for export during the week that ended 10/13. That was mid-range of estimates as a 3wk high. Accumulated commitments sit at 13.8 MMT, compared to 28.89 MMT at this time last year.
The weekly report had milo sales at a MY high of 11,869 MT for the week. Accumulated sorghum commitments sit at only 311k MT compared to 2.6 MMT at this time last year.
CME Group announced that the daily limit for corn futures will drop to 45 cents/bu from 50 cents effective November 1. Expanded limit will be 70 cents.
Dec 22 Corn closed at $6.84, up 5 3/4 cents, currently down 5 cents
Nearby Cash was $6.74 on Thursday, up 8 1/4 cents,
Mar 23 Corn closed at $6.90, up 5 1/2 cents, currently down 4 3/4 cents
May 23 Corn closed at $6.90, up 5 cents, currently down 5 cents
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes.
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