Corn Rebound on Tuesday

Corn futures gained back 3 to 4 1/2 cents on Turnaround Tuesday. US corn harvest was reported in line with trader anticipations, with the USDA stating that the 18 states have progressed 14% since 11/03. Corn harvest is officially listed at 66% complete on 11/10, which is well behind the 85% average for this time of year. North Dakota was listed as 61% below their average pace, with So Dak reported 45% behind normal. WI and MI were also more than 30% behind their average pace. Also mentioned in the weekly report, sorghum harvest was ahead of average by 8 percentage points. Corn export inspections released by the USDA outpaced anticipations, with a near double (97.43% increase) over last week. The 560,105 MT for the week ending 11/07 was still remarkably below last year’s 1.158 MMT in weekly exports. MYTD the USDA has inspected 4.321 MMT of corn exports, 61.2% below last marketing year’s pace of 11.138 MMT. US FOB prices are above Argentine and Ukrainian prices, although recently below Brazil..

DEC 19 Corn closed at $3.77 3/4, up 4 1/2 cents,

MAR 19 Corn closed at $3.86 1/2, up 4 1/2 cents,

MAY 20 Corn closed at $3.92 3/4, up 4 cents

JUL 20 Corn closed at $3.98 3/4, up 3 3/4 cents

---provided by Brugler Marketing & Management

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