Corn Closes Down on Friday but Gains Over the Week

Corn futures finished the week with a 3.57% gain, closing at $3.85 Dec. The CFTC report showed managed money net short corn by 126,174 contracts, a reduction of 33,716 contracts from the previous week. IEG Vantage (formerly Informa) estimates the US corn yield at 167.5 bpa, down 2.1 bpa from their previous number. Census trade data released this morning shows 2.825 MMT (111.22 mbu) of US corn exported during August, which is 44% from a year ago. They also tallied August ethanol exports at a new record for August at 122.5 million gallons. The Trump Administration has announced commitments towards a new biofuels policy. The EPA’s new policy will boost annual biofuels blending quotas. The plan has until Nov 30 to finalize volumes for 2020 and proceed with enacting the new requirements.

DEC 19 Corn closed at $3.48 1/4, down 4 cents,

MAR 19 Corn closed at $3.97, down 3 3/4 cents,

MAY 20 Corn closed at $4.02 1/2, down 3 1/2 cents

JUL 20 Corn closed at $4.05 3/4, down 2 3/4 cents

-- provided by Brugler Marketing & Management

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