Corn Market 2 to 3 Cents Lower

Corn futures are 2 to 3 cents lower this morning. They closed fractionally lower on Friday, with Dec futures gaining 2 1/2 on the week. 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 HA (15.568 mil ac). The CFTC report showed managed money spec funds expanded their net short position by 9,282 contracts from the previous week. They were net short 85,337 contracts as of 10/29. The IEG Vantage group estimated US corn yield increased to 168.6 bpa, raising their production forecast to 13.792 bil bushels. Brokerage firm FCS is using 170 bpa. USDA’s first estimate for 2020 corn acres is 94.5 million. The next revision will be in February for the Outlook Forum.

-- provided by Brugler Marketing & Management

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