Corn Market Higher on Storm Concerns

Corn futures are trading 1 to 2 cents higher this morning. Heavy snow is expected in the Dakotas and Minnesota late this week, along with a hard freeze. They finished last week with a 3.57% gain, closing 4 cents lower on Friday 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. One wire survey also puts the trade average guess at 167.5. Census trade data released Friday showed 2.825 MMT (111.22 mbu) of US corn exported during August, which is down 44% from a year ago. They also tallied August ethanol exports at a new record for August at 122.5 million gallons. DDGS exports in August were the largest since August 2018. Trade ideas for corn harvest progress are running 17-18% vs. 27% average for this date. -- provided by Brugler Marketing & Management

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