Corn Market Fractionally Higher Ahead of Weekend

Corn futures are trading UNCH to a penny higher this morning. They were 4 1/4 to 4 3/4 cents higher in the nearby contracts on Thursday on short covering. Preliminary open interest was down 6,078 contracts. The weekly Drought Monitor showed dryness expanding in the Corn Belt and parts of the Southern Plains as of last Tuesday. The QPF shows expected 1” accumulations over the next 5 days from IA to central OH, with heavier amounts in the upper Midwest. 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. 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.

--provided by Brugler Marketing & Management




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