Corn is Fractionally Higher

Tuesday action today starts with some gains, corn is up by 1/2 to 1 3/4 in the front months. Brazilian Export Data from the month of November shows that the country exported less corn than October with a 1.783 MMT reduction to 4.2883 MMT of Nov corn shipments. Last year the country shipped 3.646 MMT in November. Brazil also exported less ethanol mo/mo, but more yr/yr. Brazil shipped 181.1 mln L (1.139 mln barrels). South Korea bought 65,000 MT of corn in a private sale on Friday. The CAIR Grain crush report showed that there were 436.780 mbu crushed in October, which was 7.7% higher than September, but was 5.43% drop in crushings over last October. The USDA weekly Crop Progress report yesterday showed corn harvest now 89% completed. We would typically be 98% complete by December 1. 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