Corn Higher Ahead of Cold Weather

Corn futures are up 5 to 7 1/4 cents in the front months at midday. Heavy snow is expected in the Dakotas and Minnesota late this week, with freezing temps seen dipping down to parts of Northern TX but staying concentrated in the Western areas of the Plains. The weekly Crop Progress report as of Oct. 6th indicated that those three states showed much of the crop still exposed, with 61% of the crop in MN left to mature. The Dakotas have 78% (ND) and 64% (SD) of corn yet to mature. Those States account for 17.14% of estimated 19/20 crop (as of Sep Crop Production). Condition ratings dropped 1% to 56% gd/ex, with the Brugler500 down 2 at 348. Traders are expecting the USDA October yield projection to drop 0.7 bpa to 167.5 bpa with a range of 159-169 bpa. With that yield reduction and an estimated 0.5 million acre cut to harvested acreage, analysts expect production to drop on average by 211 mbu to 13.88 bbu. Any freeze damage this week would be calculated in future reports.

DEC 19 Corn is at $3.94 1/4, up 7 1/4 cents,

MAR 19 Corn is at $4.05 1/4, up 6 1/4 cents,

MAY 20 Corn is at $4.10 1/4, up 5 3/4 cents

JUL 20 Corn is at $4.13 1/4, up 5 cents

-- provided by Brugler Marketing & Management




Market Commentary provided by:

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