Corn in Red on Monday

Corn futures drifted 1 to 2 cents lower today. The weekly Export Inspections report showed 636,290 MT of corn shipments on the week ending 10/22. That was down from 911,648 MT last week but up 63% from the same week last year. Mexico was the top destination with 34%, and China was also shipped 131,651 MT of corn. Accumulated corn exports were 239.88 mbu, which is 82 million ahead of last year’s pace. This afternoon, USDA showed the week’s corn harvest progressed 12% to 72% complete. That was in line with estimates, and remains 16 percentage points ahead of the average pace. Milo progress advanced 11% to 74% harvested as of 10/25. SAFRAS and Mercado noted that first crop corn in Brazil was 53% planted as of 10/23. That compares to the 62.5% average. Ukraine’s Ag Ministry said 2.8 million HA of corn was harvested through 10/22, which is about 52% complete.

Dec 20 Corn closed at $4.17 3/4, down 1 1/2 cents,

Mar 21 Corn closed at $4.18 1/2, down 1 3/4 cents,

May 21 Corn closed at $4.19 1/4, down 2 cents,

Jul 21 Corn closed at $4.19 1/4, down 1 cent,

--- provided by Brugler Marketing & Management

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