Corn Comes Back to Close Fractionally Lower

Corn futures came back from being down 10 cents overnight to settle with fractional losses in the front months. Profit taking was likely to blame with the upcoming holiday. Deferred contracts were higher. Double digit gains in wheat were supportive. Wednesday’s EIA report is expected to show a slight uptick in both ethanol production and stocks. Turkey purchased at least 350,000 MT of corn in a tender on Tuesday. Chinese Customs import data showed 1.14 MMT of corn was imported in October, well above last year. That brought the YTD total to 7.82 MMT, up 97.3% from a year ago and above their official TRQ of 7.2 MMT. Sorghum imports have totaled 4.02 MMT this year, nearly 4.5 times larger than in 2019.

DEC 20 Corn closed at $4.25 3/4, down 3/4 cent,
MAR 21 Corn closed at $4.32 1/2, down 3/4 cent,
MAY 21 Corn closed at $4.35 1/2, down 1 cent
JUL 21 Corn closed at $4.36 1/2, up 1/4 cent

--- provided by Brugler Marketing & Management

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