After a failed attempt at Turnaround Tuesday, front month corn futures ended the session with 3 to 5 1/4 cent losses. There were zero deliveries issued overnight against December, but some limited rains in Brazil and some first of month asset allocation selling pressured the market. USDA’s Grain Crushings report after the close showed a 7.8% increase in the month’s corn use for ethanol. In October, the national corn grind was 432.713 mbu. That produced 1.8m tons of DDGS, a monthly increase of 3.75% but still 3.75% below October 2019. StoneX estimates Brazilian corn production at 109.34 MMT, a 1.76 MMT decrease from their November estimate.
|Dec 20 Corn closed at $4.14 3/4, down 5 cents,|
|Mar 21 Corn closed at $4.20 3/4, down 5 1/4 cents,|
|May 21 Corn closed at $4.24, down 5 cents,|
|Jul 21 Corn closed at $4.24 3/4, down 5 cents,|
--- provided by Brugler Marketing & Management