Corn Shows Weakness at the Close

Corn futures closed steady to 1 3/4 cents lower in most contracts on Monday. USDA reported a private export sale of 651,670 MT of corn to Mexico this morning, with 590,820 for 19/20 and 60,850 MT for 20/21. Low prices cure low prices! That said, export inspections were lousy @ 590,013 MT during the week that ended on September 5, with 449,958 MT of that leaving ports during the new MY. That total was a jump of 64.91% from the previous week but still down 24.7% from last year. This afternoon’s Crop Progress report showed that 55% of the US corn crop was dented by Sunday vs. the 77% average, with 11% reported as mature (24% avg). Condition ratings were down 3% to 55% gd/ex, as the Brugler500 index was down 6 points to 347. The average trade production guess for Thursday’s report is 13.672 billion bushels, with the analysts on average estimating USDA will drop yield 2.3 to 167.2 bpa.

SEP 19 Corn closed at $3.40 3/4, down 1 3/4 cents,

DEC 19 Corn closed at $3.54 1/4, down 1 1/4 cents,

MAR 20 Corn closed at $3.67 1/4, down 1 1/2 cents

MAY 20 Corn closed at $3.76 3/4, down 3/4 cent

-- provided by Brugler Marketing & Management

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