Corn Pushing Double Digits at Midday

Midday corn trading has the board 11 1/4 to 12 1/2 cents higher to start the new week. New crop futures are also in the black, bumping up to new life of contract highs, though are only gaining 5 to 7 1/4 cents. 

Corn exports during the week that ended 10/28 reached 5.422 MMT for the season. That was up 619k on the week, but still trails last year’s pace by 1.5 MMT (21%). Mexico was the top destination for the week’s exports with half of the total. USDA also added 89k MT of late reported corn exports late to recent weeks. 

Expectations ahead of the NASS Crop Progress report are for corn to be 78 – 79% harvested as of 10/31.  

China’s CNGOIC is now matching the WASDE estimate for Chinese 2020/21 corn production at 273 MMT, up more than 4% from year ago. The European Commission reported 2021 corn harvest at 67.8 MMT, compared to the prior 68.8 MMT guess. 

Dec 21 Corn  is at $5.80 1/2, up 12 1/4 cents,

Nearby Cash  is at $5.62 5/7, up 13 1/2 cents,

Mar 22 Corn  is at $5.88 1/4, up 12 cents,

May 22 Corn  is at $5.91 1/2, up 11 3/4 cents,