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Corn Mixed on Valentines Morning

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Corn starts the last trading day of the week (and Valentine's Day) fractionally mixed. Corn futures were down 1 1/4 to 3 1/2 cents on Thursday, erasing the Wednesday advance. The USDA weekly Export Sales report showed corn bookings of 968,815 MT for the week ending 02/06. That was 3.6% lower than the same week last year. Shipments for the week ending 02/06 were 782,762 MT which was a 30.7% increase wk/wk but still 14.4% lower than the same week last year. Total export commitments for the MY are 23.759 MMT. This time last year commitments totaled 37.311 MMT. So far in February, the average Dec 2020 corn close is $3.92 1/4. Last year’s base crop insurance price was $4, which was the average close for Dec 2019 futures during Feb. AgroConsult raised their second crop corn estimate for Brazil by 0.7 MMT to 74.7 MMT, with the overall crop down 0.6 to 101 MMT. The Rosario Grain Exchange estimated the 19/20 corn crop for Argentina at 50 MMT, which matches the USDA’s Feb forecast. The BA Exchange is at 49 MMT.

--- provided by Brugler Marketing & Management

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