After trading lower through midday on Thursday, the corn market rebounded and closed fractionally to 2 1/4 cents in the black. New crop prices stayed 1 1/4 to 3 cents lower, which widened the Dec-Dec inverse to 56 cents/bu.Â
The weekly USDA Export Sales report showed 1.17 MMT of corn was sold during the week that ended 11/10. That was near the top end of estimates and was 340% above the week prior as a MY high; and was 29% above the same week last year. The top buyer was Mexico with 919.8k MT. The total did not include yesterday’s large figure, which goes in next week’s report. The total corn commitments were still a half of last year’s pace with 15.9 MMT. For sorghum, USDA had no sales and just 1.8k MT of exports.Â
The International Grains Council left their world corn production forecast at 1.166b MT. Trade was reduced by 2 MMT to 170 MMT. Estimated ending stocks were 1 lighter to 257 MMT.Â
Dec 22 Corn  closed at $6.67 1/2, up 2 1/4 cents,
Nearby Cash  was $6.71 3/4, up 3 1/2 cents,
Mar 23 Corn  closed at $6.69, up 1 1/2 cents,
May 23 Corn  closed at $6.67 1/4, up 1 cent,
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.
/Cybersecurity%20by%20AIBooth%20via%20Shutterstock.jpg)