Corn on a Midday Rally

Corn is making a big leap with the lower market volume on Thursday. Futures are plus 6 1/4 at midday, with Dec futures, expiring on Friday, showing a 7 1/2 midday move. The USDA announced private export sales of 110,744 MT of corn to unknown for 19/20 and 1.6 MMT of corn to Mexico this morning (1.074 MMT for 19/20 delivery and 525k MT for 20/21 delivery). That’s the 5th largest daily sale of corn on record. Export bookings for the week ending 12/05 were above what traders had anticipated with the USDA reporting 873,525. Shipments through the same week were at 531,371 MT, which was 7.4% above last week, but still 44.19% below the same week last year. For reference, last week was 57.58% behind it’s respected week a year ago. Accumulated shipments were listed at 6.876 MMT through the first 14 weeks of the MY.

Dec 19 Corn is at $3.65 1/4, up 7 1/2 cents,

Mar 20 Corn is at $3.77 1/2, up 6 1/4 cents,

May 20 Corn is at $3.84 1/4, up 6 1/4 cents,

Jul 20 Corn is at $3.90, up 6 1/4 cents,

---provided by Brugler Marketing & Management

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