Corn Higher at Close

Corn futures closed 1/2 to 2 1/2 cents higher on Monday. USDA announced two large private export sales this morning. Japanese importers purchased 110,800 MT of corn, and a sale of 207,140 MT was made to unknown destinations. The weekly Export Inspections report showed 31.76 mbu of corn shipped on the week ending 9/24. That was 1.61 mbu more week to week and 15.15 mbu above the same week last year. Mexico and China were the top destinations, with 303,192 MT and 274,205 MT respectively. Accumulated corn exports were 109.57 mbu through the 24th. That is 79% above last year’s pace. The average of analyst estimates is for 2.266 bbu of corn stocks on Sept 1. The Grain Stocks report will be out on Wednesday. NASS reported 75% of corn was mature as of 9/27, with 15% cut. The trade was expecting between 15-20% of the crop to be harvested in the weekly update. Corn harvest in NE is 4% points ahead of average and ahead by 7 ppts in IA, but 9 points behind average in IL and 4 points behind in OH. NASS showed corn conditions were 61% good/ex. The Brugler500 Index was UNCH from last week. Coceral lowered its EU plus Britain corn production estimate 1.8 MMT to 62.8 citing dryness.

Dec 20 Corn closed at $3.66 3/4, up 1 1/2 cents,

Mar 21 Corn closed at $3.75 1/2, up 2 1/4 cents,

May 21 Corn closed at $3.81, up 2 1/4 cents,

Jul 21 Corn closed at $3.85, up 2 1/2 cents,

--- provided by Brugler Marketing & Management




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