Corn Futures Retreat on Thursday

Front month corn futures are trading 3 to 4 3/4 cents lower. USDA reported 2.139 MMT of corn sold on the week ending 9/17. That was up 33% wk/wk, 333% yr/yr, and above pre-report expectations. About 800k MT of the week’s total were previously announced. Also in the report, USDA noted a 62,000 MT optional origin corn sale to Argentina and a 30k MT optional origin sale to Ukraine. Total optional origin sales outstanding are 682,200 MT. Total outstanding sales are over half of last year’s total exports, with 811 mbu of unshipped sales through Sept 17. Total commitments are the largest for the first 3 weeks on record (note week 1, ending 9/3, was just 3 days of business) with 889.5 mbu. Milo sales were reported at 194,426 MT, total grains milo commitments are 2.764 MMT – a 5yr high for the first 3 weeks of the MY.

Dec 20 Corn is at $3.64 1/4, down 4 1/4 cents,

Mar 21 Corn is at $3.73, down 4 1/2 cents,

May 21 Corn is at $3.78 1/2, down 4 1/2 cents,

Jul 21 Corn is at $3.82, down 4 1/2 cents,

--- provided by Brugler Marketing & Management




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