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Corn Pulls Back at Midday

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Ahead of the extended weekend, front month corn futures are pulling back 3 1/4 to 4 cents. In this morning’s Export Sales report, corn bookings were 623,781 MT (24.577 mbu). That came via 14.21 mbu old crop sales, which were below estimates, and 10.34 mbu of new crop sales. Cumulative commitments through the first 43 weeks of the MY reached 1.666 bbu. That is down 13.5% yr/yr and 93.8% of the forecasted export total (5-yr avg is 100%). USDA also reported a large private export sale of 202k MT of new crop corn to China, via the daily sales announcements. Grain processors used 299.93 mbu of corn for ethanol in May. May DDGS production was 1.234 million tons.

Jul 20 Corn is at $3.45, down 3 1/4 cents,

Sep 20 Corn is at $3.46 1/2, down 4 cents,

Dec 20 Corn is at $3.56 1/2, down 4 cents,

Mar 21 Corn is at $3.67 3/4, down 3 3/4 cents,

--- provided by Brugler Marketing & Management

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