Corn Fractionally Weaker at Close

Corn price action turned south in the afternoon, and closed fractionally lower. Dec futures traded with a 7 1/2 cent range. USDA’s mandatory sales reporting system noted large sales to China and Unknown this morning. Private exporters sold 140,000 MT of corn to China, and 320,000 MT of corn to Unknown destinations, both with 2020/21 delivery. January corn futures on the Dalian Grains Exchange set a new contract high yesterday up 21 yuan/MT to 2,496 (~ $9.27/bu). DDGS prices in China were quoted at 2,160 yuan/MT fresh out of the plant, with most sales 2,200-2,400 yuan/MT (~ $325-354/MT). NASS reported corn harvest progressed by 3% on the week to 8%. The 5-yr av is for 10%. Harvest in TX was 69% complete, compared with their average of 10%. In NE, 10% of new crop was cut by Sept 20, compared to the average of 4%. Conditions from the Crop Progress report were 61% good/ex for a Brugler500 score of 356.

Dec 20 Corn closed at $3.69 1/4, down 1/2 cent,

Mar 21 Corn closed at $3.78 3/4, down 1/2 cent,

May 21 Corn closed at $3.84 1/2, down 1/4 cent,

Jul 21 Corn closed at $3.88 1/4, down 1/2 cent,

--- provided by Brugler Marketing & Management




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