Corn Higher to Fractionally Higher

Corn futures closed as much as 2 1/4 cents higher for Dec futures, but gains fade out as other contracts were only fractionally higher on Cyber Monday. The USDA released the weekly Crop Progress report, showing that corn harvest has improved to 89% completion through the week ending December 1st. The 4 year average for this time is 98% completion. Last week’s report showed a harvest percent of 84%. Weekly corn Export Inspections revealed 428,856 MT shipped for the week ending 11/28. That is a 30.38% drop vs. last week and is less than half of the same week last year’s shipments. The accumulated MY shipments are now 6.039 MMT; as compare to last year where we were 14.230 MMT shipped at this point in the MY. Sorghum exports continue to outpace last year, with the latest export inspection showing accumulated shipments are 65.63% above last year’s pace. The delayed CFTC report showed that as of Tuesday 11/26, managed money was still net short corn futures, with the position becoming less short by 7,458 contracts wk/wk.

DEC 19 Corn closed at $3.73 1/2, up 2 1/4 cents,

MAR 19 Corn closed at $3.82, up 3/4 cent,

MAY 20 Corn closed at $3.86 1/2, up 3/4 cent

JUL 20 Corn closed at $3.90 1/4, unch

---provided by Brugler Marketing & Management

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