After overnight action pulled the board lower into Friday’s session, prices have firmed back up into fractional to 1 1/2 cent gains for midday.
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 sales 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.
French corn was 92% harvested according to the FranceAgriMer, that is up from 83% last week and compares with just 30% last season.
Dec 22 Corn is at $6.85 3/4, up 1 3/4 cents,
Nearby Cash is at $6.75 7/8, up 7/8 cent,
Mar 23 Corn is at $6.91 3/4, up 1 3/4 cents,
May 23 Corn is at $6.91 1/2, up 1 1/2 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.
/Broadcom%20Inc%20HQ%20photo-by%20Sundry%20Photogrpahy%20via%20iStock.jpg)
/Intel%20Corp_%20Santa%20Clara%20campus-by%20jejim%20via%20Shutterstock.jpg)
/Super%20Micro%20Computer%20Inc%20logo%20on%20building-by%20Poetra_RH%20via%20Shutterstock.jpg)
