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Corn Market Commentary

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Corn futures ended the Friday session with most contracts 3 to 4 cents in the red. Nearby Dec wiped out all of last week’s gains, down 1.81% since last Friday. There was a little harvest pressure, and some garden variety profit taking after hitting chart resistance on Monday. The poor weekly export sales from Thursday were also a feature. This afternoon’s CFTC Commitment of Traders report indicated that specs in corn futures and options flipped their net position by 54,186 contracts as of Tuesday. That new net long position was at 20,154 contracts. 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 Argentina’s corn crop is planted as of 10/17, which is 4.1% faster than the average.

Dec 18 Corn closed at $3.67, down 3 3/4 cents,

Mar 19 Corn closed at $3.79 1/2, down 3 1/2 cents,

May 19 Corn closed at $3.87, down 3 1/4 cents

Jul 19 Corn closed at $3.92 3/4, down 3 cents

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

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