Corn Ignores Weak Export Sales Report, Gets Help from Wheat
BRUG - Thu Jun 06, 5:28PM CDT

Corn futures ended the Thursday session with most contracts 3 to 5 3/4 cents higher, as strength in wheat was supportive. The USDA showed abysmal data for old crop corn export sales in the week of May 30, with a net reduction of 8,788 MT, well below the bottom end of estimates. 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 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 dropped to 1.772 billion bushels from the May USDA figure of 2.485 billion.

Jul 19 Corn closed at $4.20 1/2, up 5 3/4 cents,

Sep 19 Corn closed at $4.29 1/2, up 5 1/4 cents,

Dec 19 Corn closed at $4.38 1/2, up 5 cents

Mar 20 Corn closed at $4.46 3/4, up 4 3/4 cents

--provided by Brugler Marketing & Management

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