Corn Market Down 1 Overnight

Corn futures are 1/2 to 1 1/2 cents lower so far this morning. They ended Monday’s session with 2 to 3 cent gains in the front months. The weekly Crop Progress report indicated that collectively the 18 states USDA tracks were 93% dented (99% avg) as of Sunday, with 58% mature (85% avg). NASS also showed harvest in those 18-states 12% below the average at 15% complete. Condition ratings dropped 1% to 56% gd/ex, with the Brugler500 down 2 at 348. Heavy snow is expected in the Dakotas and Minnesota late this week, along with a hard freeze. Weekly corn exports via USDA’s Export Inspections report were tallied at 466,521 MT for week ending October 3, which is up 44,786 MT from last week. The MY to date total for corn exports so far is 2.019 MMT (~79 mbu) which is 65.83% behind last MY’s pace (232 mbu). Two years ago Brazil had a drought, last year they didn’t.

-- provided by Brugler Marketing & Management

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