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Corn Mixed after Tuesday Trades

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Corn futures gave back some of midday gains, but finished the day mixed. The gains were in the May and later contracts as nearby Dec lost 1 1/2. Brazilian Export Data for November shows that the country exported 1.783 MMT less corn in November than October, with 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). The CAIR Grain crush report showed that there were 436.780 mbu crushed in October, which was 7.7% higher corn use than September, but was a 5.43% reduction from October 2018. Yesterday’s Crop Progress Report showed that national corn harvest is 9 percentage points behind average. The state the furthest behind is ND @ 36% complete, behind their average pace by 59 percentage points. WI is 25 percentage points behind their average, and MI is minus 23 points.

Dec 19 Corn closed at $3.72, down 1 1/2 cents,

Mar 20 Corn closed at $3.81 1/4, down 3/4 cent,

May 20 Corn closed at $3.87 1/4, up 3/4 cent,

Jul 20 Corn closed at $3.91 3/4, up 1 1/2 cents,

---provided by Brugler Marketing & Management

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