Corn Higher as Dryness Seen Expanding

Corn futures are trading 3 to 4 cents higher in the nearby contracts at midday. The weekly Drought Monitor showed dryness expanding in the Corn Belt and parts of the Southern Plains. The weekly USDA Export Sales report indicated 42,564 MT of old crop corn was sold for export during the week of August 1, well below expectations. This is a 70% decline from the previous week and 92% less than the same week last year. New crop bookings were 197,034 MT. This was 52% higher than last week, but slightly below the range of estimates. The report also showed China purchasing 50,000 MT of sorghum, 25,000 MT each for old and new crop. CONAB reported that Brazil Total crop for 2018/19 is estimated at 99.312 MMT vs a July estimate of 98.504 MMT. Most of that increase came from a jump in the second crop estimates.

SEP 19 Corn is at $4.10 1/4, up 3 3/4 cents,

DEC 19 Corn is at $4.17 1/2, up 3 1/2 cents,

MAR 20 Corn is at $4.27, up 3 1/4 cents

MAY 20 Corn is at $4.31 3/4, up 3 cents

Market Commentary provided by:

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