Corn Gaining on Cyber Monday

Corn futures are seeing early gains, with nearby futures up 1 to 2 1/2 cents so far on Monday. 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. Export Inspections for corn were again below last year, with the weekly report showing 428,856 MT shipped for the week ending 11/28. That is a 30.38% drop vs. last week and is less than half of the same week last year’s shipments. The accumulated MY shipments are now 6.039 MMT; as compare to last year where we were 14.230 MMT shipped at this point in the MY. Sorghum exports continue to outpace last year, with the latest export inspection showing accumulated shipments are 65.63% above last year’s pace.

DEC 19 Corn is at $3.73 3/4, up 2 1/2 cents,

MAR 19 Corn is at $3.82 1/2, up 1 1/4 cents,

MAY 20 Corn is at $3.87 1/4, up 1 1/2 cents

JUL 20 Corn is at $3.91 1/4, up 1 cent

---provided by Brugler Marketing & Management

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