Corn Market Hunkers Down for USDA Revisions

Corn futures are 1 to 2 cents lower this morning. They closed as much as 4 cents lower on Thursday. USDA’s weekly export sales report showed 487,944 MT booked in the week ending 10/31. That is 11.1% lower wk/wk, but up 15% over the previous 4 week average. 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 sorghum for the week. South Korea purchased 69,000 MT in a private export sale. Analysts are expecting the WASDE report to state U.S. corn yield and ending stocks to be 168.2 bpa and 1.929 bbu, with consumption cuts offsetting production cuts.

-- provided by Brugler Marketing & Management




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