Corn Drops a bit on Thursday

Corn futures closed lower on the day, down by as much as 4 cents. USDA’s weekly export sales report this morning showed corn export sales were in line with conservative expectations, listed at 487,944 MT through the week ending 10/31. That is 11.1% lower wk/wk, but is up 15% over the previous 4 week average, which is now updated to 474,279 MT. Corn exports were 317,879 MT (12.51 mbu) to bring the accumulated exports up to 3.939 MMT (155.07 mbu). Accumulated exports continue to be below last year’s pace, currently 37.16%. The report also showed that China had purchased 123,000 MT of U.S. sourced Sorghum for the week. South Korea purchased 69,000 MT in a private export sale. Analysts are expecting tomorrow’s WASDE report to state U.S. corn yield and ending stocks to be 168.2 bpa and 1.929 bbu.

DEC 19 Corn closed at $3.75 1/4, down 3 1/2 cents,

MAR 19 Corn closed at $3.83 3/4, down 4 cents,

MAY 20 Corn closed at $3.91, down 3 3/4 cents

JUL 20 Corn closed at $3.97 3/4, down 3 cents

-- provided by Brugler Marketing & Management

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