Corn futures are trading 1 to 1 cents lower this morning after closing the Monday session with most contracts 1 to 2 cents higher. Support came from feed demand shown in Friday’s Cattle on Feed report. This morning’s Export Inspections report indicated corn shipments of 632,793 MT. That was an increase of 58.85% over last week, but still lags this time last year by 27.77%. Total shipments YTD are now lagging last year by 43.92% at 6.584 MMT. Monday afternoon’s USDA Crop Progress report showed corn harvest 90% completed. That lags the 5 year average pace of 95% and is 6% lower than this week last year. This is not a market factor, with overall stocks levels high.

Market Commentary provided by:

Brugler Marketing & Management LLC
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