Corn futures are trading 1 to 1 3/4 cents higher at midday. The monthly USDA Grain Crushing report showed corn crushed for ethanol in October slipping 1.79% from last year at 461.7 mbu but was still 3.6% larger than September. This was the first-time monthly crush was below a year ago since July 2016. The release for this week’s EIA report is pushed back until Thursday due to Wednesday’s National Day of Mourning for former President George H.W Bush. Brazil’s Trade Ministry data showed November corn exports at 3.997 MMT, up 24.87% from October and 12.7% larger than last year. As the world is shifting focus to the South American growing season, private consultancy Celeres estimates Brazil’s corn exports in 2019 between 25 and 32 MMT.
Dec 18 Corn is at $3.73, up 1 3/4 cents,
Mar 19 Corn is at $3.83 3/4, up 1 3/4 cents,
May 19 Corn is at $3.90 3/4, up 1 1/2 cents
Jul 19 Corn is at $3.97 1/4, up 1 cent
--provided by Brugler Marketing & Management