Corn Market Higher Overnight

Tuesday action in the corn market is starting off a penny per bushel higher after futures closed 2 1/4 cents higher in the December contract yesterday. Other contracts were only fractionally higher on Cyber Monday. The USDA weekly Crop Progress report yesterday showed corn harvest now 89% completed. We would typically be 98% complete by December 1, and USDA would no longer be counting. Weekly corn Export Inspections revealed 428,856 MT shipped for the week ending 11/28. That was down 30.4% vs. last week and is less than half of the same week in 2018. Accumulated MY shipments are now 6.039 MMT vs. 14.230 MMT a year ago. The delayed CFTC report showed that as of Tuesday 11/26, managed money was still net short 116,072 contracts of corn, with the position becoming less short by 7,458 contracts wk/wk. There were again zero deliveries against December futures overnight.

---provided by Brugler Marketing & Management




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