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Corn Fades at Close for Weekend

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Late day selling erased early gains and front month corn futures ended the Friday session fractionally to 1 3/4 cents lower. That limited Dec corn to a 7 cent weekly gain from last Friday’s close. USDA reported a large export sale of 128,000 MT of corn to Mexico in the daily reporting system this morning. The weekly Export Sales report showed 655k MT of corn bookings in the week ending 10/8. That was down 46% wk/wk and on the low end of expectations, but still 78% more than the same week last year. Corn exports were 815k bringing the MYTD total to 4.493 MMT. That is 70% above last year’s pace. There were no milo sales reported on the week ending 10/8, and exports were just 645 MT. South Korea issued an international corn tender, seeking 65k MT. Managed money extended their CFTC net long by an additional 27%, to 170,869 contracts as of October 14.

Dec 20 Corn closed at $4.02, down 1 3/4 cents,

Mar 21 Corn closed at $4.07, down 1 cent,

May 21 Corn closed at $4.08 1/2, down 3/4 cent,

Jul 21 Corn closed at $4.08 3/4, down 1/2 cent,

--- provided by Brugler Marketing & Management

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