Corn

Corn futures closed 1 to 1 3/4 lower on Friday. Losses for the week and for the full year were both less than 2 cents per bushel! That’s actually a moral victory for the bulls given larger US carryover stocks. Trader ideas for the USDA weekly Export Sales report were too conservative at 0.6-1.1 MMT, with 0-50,000 MT seen for new crop. The USDA indicated old crop corn export sales of 1.245 MMT for the week ending December 21 in this morning’s Export Sales report, with another 102,900 MT sold for 2018/19 crop delivery. The market needs a lot more weeks like that to exceed the current WASDE forecast. Argentine corn planting progress is catching up to last year at this time, although still behind the 3 year average pace. Earlier delays will result in some maturity lag unless the heat units pick up.

Mar 18 Corn closed at $3.50 3/4, down 1 1/4 cents,

May 18 Corn closed at $3.59, down 1 1/4 cents,

Jul 18 Corn closed at $3.67 1/4, down 1 3/4 cents

Sep 18 Corn closed at $3.74 3/4, down 1 3/4 cents




Market Commentary provided by:

Brugler Marketing & Management LLC
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Phone: 402-697-3623
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