Corn Rallies Double Digits

Corn futures came back off the highs a bit in the afternoon, but still ended the day with 2.5% to 3.5% gains. Dec futures were up the most, lowering new crop carry to 11 cents Dec to Mar ‘21. This morning, USDA announced a large export sale of 110,000 MT of corn to unknown destinations - split 28% old crop and 72% new crop. In the weekly export sales report corn bookings were 377,188 MT for old crop and 553,144 MT for new crop. Of the old crop sales, China purchased 76,500 MT, but South Korea was the largest buyer on the week. China was the top destination for the week’s corn exports, with 30% of the total 1.333 MMT. FSA reported 81.12m acres were certified planted for corn as of July 31. That was the lowest confirmed August planting since data became available in ’07. Note that with coronavirus impacts there could be a backlog of registrations and paperwork. The monthly CASDE (China’s Ag Ministry supply and demand estimates) has 2020/21 corn use at 288 MMT.

Sep 20 Corn closed at $3.25 1/4, up 10 3/4 cents,

Dec 20 Corn closed at $3.38 3/4, up 11 1/2 cents,

Mar 21 Corn closed at $3.49 3/4, up 11 cents,

May 21 Corn closed at $3.57, up 10 1/2 cents,

--- provided by Brugler Marketing & Management

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