Corn Pulls Back on Thursday

Front month corn futures were down 4 1/2 to 7 1/2 cents at the close. New crop futures pulled back less, closing 2 to 3 1/4 cents lower. USDA reported a MY low for the week’s corn export sales. Recall that the President’s Day holiday on Monday, and Lunar New Year Holiday in China were during this reporting week ending 2/18. The report showed 453,281 MT booked. Total commitments sit at 2.323 bbu, or 89.3% of USDA’s forecast for 2020/21 exports. New crop’s forward book was 145,880 MT higher to 1.228 MMT. Sorghum bookings in the weekly report were net reduced by 693 MT as China canceled 3,900 MT of sales. Total outstanding sorghum sales are 2.97 MMT, and 2.96 MMT shipped MYTD.

Mar 21 Corn closed at $5.54 3/4, down 4 1/2 cents,
May 21 Corn closed at $5.49 3/4, down 7 1/4 cents,
Jul 21 Corn closed at $5.39 3/4, down 7 1/2 cents,
Sep 21 Corn closed at $4.93, down 3 1/2 cents,

--- provided by Brugler Marketing & Management




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