Corn Market Commentary

Corn futures ended the Friday session with most contracts steady to 2 3/4 cents lower heading into the pre-Thanksgiving weekend. Nearby Dec was down a nickel on the week. Ethanol was slightly lower on the day. This morning’s Export Sales report showed net 18/19 sales on the high side of trade expectations at 892,529 MT. That lagged the same week last year by 6% but was 24.24% larger than the preceding week. Shipments were reported at 1.113 MMT in the week on 11/9, well above last year. Weekly CFTC data showed spec funds backing off their net long position in corn futures and options by 8,648 contracts as of Tuesday to a net position of 17,981 contracts. Two separate South Korean tenders saw a total of 198,000 MT of corn purchased on Friday, with 60,000 MT US origin and 138,000 MT optional origin.

Dec 18 Corn closed at $3.64 3/4, down 2 3/4 cents,

Mar 19 Corn closed at $3.75 3/4, down 2 1/2 cents,

May 19 Corn closed at $3.83 1/2, down 2 1/4 cents

Jul 19 Corn closed at $3.90, down 2 1/2 cents




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