Corn Market Lower on Brief Drying Window

Corn futures are trading 2 to 4 cents lower this morning. They ended the Thursday session with most contracts 3 to 5 3/4 cents higher, as strength in wheat was supportive. The USDA showed abysmal old crop corn export sales in the week of May 30, with a net reduction of 8,788 MT. This was also the week nearby corn was at a 3-year high, with US competitiveness dropping. New crop sales totaled just 23,458 MT. Monthly export data from Census indicated 5.472 MMT (215.43 mbu) of corn were shipped in April, up 14.7% from March but 29.04% lower yr/yr. A Bloomberg survey found the average analyst estimate for 2019/20 corn ending stocks in the June 11 report dropping to 1.772 billion bushels from the May USDA figure of 2.485 billion.

--provided by Brugler Marketing & Management

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