Corn is fading off the 3 ¾ cent overnight highs this morning, but futures are still 1 ½ to 2 cents in the black for the last trade day of the week. Corn finished Thursday with fractional to 1 ¾ cent losses. December stayed in a 6 ¾ cent range on the day from -2 ½ to +4 ¼ cents. Dec futures sit at a net 15 ¾ cent loss for the week’s move.
FAS reported corn Export Sales were 1.351 MMT for the week that ended 10/19. That was a 53% increase for the week and was above the 408k MT sold during the same week last year. Traders were looking for less than 1.2 MMT. The weekly data had Mexico as the top buyer with over half of the total, of which included 200k MT previously announced. That set the season’s total commitment at 17.53 MMT (690 mbu), up from 13.83 MMT (544 mbu) last year.
Anec data has October corn exports at 8.239 MMT for Brazil, up from 6.173 MMT last year.
Dec 23 Corn closed at $4.79 1/4, down 3/4 cent, currently up 1 3/4 cents
Nearby Cash was $4.50 3/8, down 1/2 cent,
Mar 24 Corn closed at $4.93 1/4, down 1 1/4 cents, currently up 1 3/4 cents
May 24 Corn closed at $5.01 1/4, down 1 3/4 cents, currently up 2 1/4 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. For more information please view the Barchart Disclosure Policy here.
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