Corn Gaining at Midday

Midday corn prices are trading 1 1/2 to 2 3/4 cents higher. Chinese importers booked another 210,000 MT of U.S. corn for 2020/21 delivery. The US national average cash corn price is at a 6 month high. Net corn export sales bookings from the week ending 9/10 were 1.61 MMT (63.4 mbu). New crop corn commitments are at 805.321 mbu, which is the fastest start to the MY on record. Accumulated commitments are 35% of USDA’s forecasted total, compared to the 5-yr average of 25% for this date. NOAA’s recent 5-day QPF shows dryness for most of the CONUS as corn harvest starts to ramp up. France’s corn harvest was 4% complete as of Sept 14. The average domestic price for DDGs in China was 2,193 yuan/MT ($323.97/MT) with some 2,200-2,300 yuan/MT.

Dec 20 Corn is at $3.76 3/4, up 1 1/2 cents,

Mar 21 Corn is at $3.86, up 2 cents,

May 21 Corn is at $3.91 1/4, up 2 1/2 cents,

Jul 21 Corn is at $3.94 1/4, up 2 1/2 cents,

--- provided by Brugler Marketing & Management




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