Corn Starting Week off with Losses

Corn futures are dropping lower so far, down by as much as 4 cents for nearby contracts. Trade ideas for US corn harvest are running 65-66% completed. USDA won’t release those numbers until Tuesday because of the Veteran’s Day holiday. The NASS Crop Production report from Friday showed 2019 corn yield at 167 bpa, pushing production down to 13.661 billion bushels. Expected US ending stocks were cut to 1.910 bbu. Exports, feed use and ethanol use were all reduced and offset most of the production cut. USDA bumped up the expected average cash corn price to $3.85. The world corn carryout was cut to 295.96 MMT. The Commitment of Traders report on Friday afternoon showed that managed money spec funds were still increasing their net short for Corn futures, growing that position to 104,846 contracts as of November 5.

DEC 19 Corn is at $3.74 1/4, down 3 cents,

MAR 19 Corn is at $3.83 1/4, down 3 1/4 cents,

MAY 20 Corn is at $3.89 3/4, down 3 3/4 cents

JUL 20 Corn is at $3.95 3/4, down 4 cents

---provided by Brugler Marketing & Management

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