Corn Fractionally Lower in New Calendar Month

Corn futures lost 1/4 to 3/4 cents to start November. The Buenos Aires Grain Exchange pegged this year’s corn planting progress at 40.2% of their 6.4 million hectares (15.815 million acres). At this time last year Argentine corn was 35.5% planted for their expected 6.3 mil hec (15.568 mil ac). The CFTC report from this afternoon showed that the managed money spec funds were still net short corn futures and options. They expanded their net short position, as of 10/29 by 9,282 contracts from the previous week. The IEG Vantage group estimated US corn yield increased to 168.6 bpa, raising their production forecast to 13.792 bil bushels.

DEC 19 Corn closed at $3.89 1/4, down 3/4 cent,

MAR 19 Corn closed at $3.98 1/2, down 1/4 cent,

MAY 20 Corn closed at $4.04 1/2, down 1/4 cent

JUL 20 Corn closed at $4.10, unch

-- provided by Brugler Marketing & Management

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