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Corn Market Commentary

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Corn futures are currently down 2 1/4 cents at midday, adding to losses from the past few sessions. Corn export commitments are 41% larger than last year at this time, with unshipped sales 27% larger despite the down week. They are now 34% of the USDA export projection, with the normal pace @ 33%. There is a little harvest pressure, and some garden variety profit taking after hitting chart resistance on Monday. A total of 1.203 MMT of corn from Chinese state reserves was sold on Friday, taking up 29.99% of the offered amount. The Buenos Aires Grain Exchange estimates that 32.6% of the country’s corn crop is planted as of 10/17, which is 4.1% faster than the average.

Dec 18 Corn is at $3.68 1/2, down 2 1/4 cents,

Mar 19 Corn is at $3.80 3/4, down 2 1/4 cents,

May 19 Corn is at $3.88, down 2 1/4 cents

Jul 19 Corn is at $3.93 1/2, down 2 1/4 cents

--provided by Brugler Marketing & Management, (402) 289-2330

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