Corn Adding to Downside

Front month corn futures trading has midday prices fractionally to 1 3/4 cents weaker. Corn futures traded briefly in the green earlier, and remain 5+ cents off the session’s lows. USDA announced a 1.432 MMT corn sale to Mexico, split with 891k for 2020/21 delivery, and 541k for 21/22. Private exporters also sold 140,000 MT of corn to unknown. USDA’s weekly Export Sales report showed 2.244 MMT of corn sold on the week ending 10/22. That was 22% higher wk/wk, well above analyst estimates and up 308% from the same week last year. The top buyers were, in order, unknown, Mexico, and Japan. Shipments were 18% lighter on the week, but with 29 mbu shipped were still 49% above the same week last year. Sorghum bookings were 60,838 MT for the week. That was down from 281k LW but above the 56k from last year. China and unknown were the only buyers listed. Mexico, Saudi Arabia, and Canada also purchased a combined 68k MT of 21/22 sorghum. USDA’s Ag Attache sees Brazil’s 2020/21 corn output at 48 MMT and exports at 33 million. That is 2 MMT and 1 MMT below USDA’s official estimates respectively.

Dec 20 Corn is at $3.99 3/4, down 1 3/4 cents,

Mar 21 Corn is at $4.02 1/2, down 1 3/4 cents,

May 21 Corn is at $4.04 1/4, down 1 cent,

Jul 21 Corn is at $4.05, down 3/4 cent,

--- provided by Brugler Marketing & Management

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