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Corn Lower into Weekend

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Corn futures closed the last trading day of the week with losses of 1 3/4 to 3 1/4 cents. The CoT report from the CFTC had managed money corn speculative traders more net short wk/wk by 28.74%. There were more net sellers than long liquidators, although both were present from the managed money. USDA’s long-term projections for 2020/21 indicate 94.5 MA for corn. The following projected years were seen leveling off at 89 MA. Production estimates show 15.545 bbu, which would be a 12.82% increase yr/yr. The forecasted ending stocks are 825 mbu higher than the projected ending stocks for 19/20 MY, as the USDA projects a 2.754 bbu carryout for new crop corn. The DDGS report from U.S. Grains Council had DDGS prices steady with last week still at an 8% markup to corn, but a larger wk/wk premium to soybean meal currently 0.52.

Mar 20 Corn closed at $3.77 3/4, down 1 3/4 cents,

May 20 Corn closed at $3.82, down 2 3/4 cents,

Jul 20 Corn closed at $3.85 1/2, down 3 1/4 cents,

Sep 20 Corn closed at $3.84 1/4, down 3 1/4 cents,

--- provided by Brugler Marketing & Management

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