Corn Futures Start Week Down

Corn futures closed with losses of 3 to 6 3/4 cents in the front months. In general, spec types were going to cash and defensive instruments like gold while they assess the speed and severity of secondary impacts from the Wuhan virus outbreak. USDA announced a private export sale of new crop this morning, Japan purchased 111,252 MT of corn for 20/21 delivery. In the weekly Grain Inspections update from the week ending 01/23, USDA reported 668,559 MT of corn exports. That is 31.08% lower than the same week last year but was up 68.57% from the previous week. The Export Inspections report also indicated MYTD shipments total 10.151 MMT, which is 47.03% of last year’s pace. Of the weekly shipments, 39.68% went to Mexico, and 36.24% were to Colombia. Also in the report, China imported 122,258 MT of US sorghum on the week.

Mar 20 Corn closed at $3.80 1/2, down 6 3/4 cents,

May 20 Corn closed at $3.86 3/4, down 6 cents,

Jul 20 Corn closed at $3.92 1/4, down 5 1/2 cents,

Sep 20 Corn closed at $3.91 3/4, down 4 cents,

--- provided by Brugler Marketing & Management

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