Corn is trading with fractional to 2 3/4 cent midday gains nearby and 2 cent midday losses for next MY contracts. National average basis is the strongest in three months, and spreads have narrowed. USDA’s weekly Export Sales report showed that 1,831,566 MT (72 mbu) were sold on the week ending 10/15. That was above the range of pre-report estimates, up 180% on the week and 273% above the same week last year. Japan and China were the top buyers on the week with 490,100 and 433,500 MT respectively. Total export commitments are 1.116 bbu through the first 7 weeks of the MY. That is 48% of USDA’s forecast for the full year, compared to the same week last year when accumulated commits were 23% of the Oct forecast. Milo sales set a MY high of 280,804 MT. China and unknown were the exclusive sorghum buyers on the week, and China was the only destination for the 70,100 MT shipped.
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Dec 20 Corn is at $4.16 1/2, up 2 3/4 cents,
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Mar 21 Corn is at $4.18 1/4, up 1 1/2 cents,
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May 21 Corn is at $4.19 1/4, up 3/4 cent,
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Jul 21 Corn is at $4.18 1/2, up 1/2 cent,
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--- provided by Brugler Marketing & Management
<p>Market Commentary provided by:<br /> <img src="https://s3.amazonaws.com/images1.aws.barchart.com/logos/bruglerlogo.gif" border="0" /><br /> Brugler Marketing & Management LLC<br /> 1908 N. 203rd St.Omaha, NE 68022<br /> Phone: 402-697-3623<br /> Fax: 402-289-2353<br /> E-mail: <a href="mailto:alanb@bruglermktg.com">alanb@bruglermktg.com</a><br /> Web: <a href="http://bruglermarketing.com/">http://bruglermarketing.com</a></p>
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