Corn Market Directionless to Begin Week

Corn is starting off Monday with futures 1/2 cent to either side of UNCH. Futures were up 6 to 8 1/2 cents on Friday, which was enough to bump them to a gain wk/wk, of 2 1/2 cents. Preliminary open interest showed short covering in the December contract on Friday, but net new buying in March. Open interest rose 6,581 contracts overall. There were again zero delivery notices against December corn. USDA’s weekly Export Sales report indicated 806,751 MT of net sales for the week ending 11/21. That was 2.4% more than last week but was only 63.7% of week 12 last marketing year. The total commitments through the first 12 weeks are now at 14.069 MMT, which is 44.08% behind last year’s pace. The report also pegged shipments at 635,334 MT for the week, which was a 6% decrease wk/wk and 39.68% below the same week last year.

---provided by Brugler Marketing & Management




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