*US and China are expected to meet this weekend to discuss trade Corn (December)
Fundamentals: Corn futures accelerated to the upside on short covering from funds, concerned that the damage from this week’s storm could potentially mark the top for the lofty USDA production/yield estimates. The majority of the concern comes from Iowa, which got hit hardest. The USDA currently estimates their yield at 202 bushels per acre. The USDA announced a sale of 110,000 metric tons to unknown. Yesterday’s export sales report showed the following: Net sales of 377,200 MT for 2019/2020 were up noticeably from the previous week and up 18 percent from the prior 4-week average. For 2020/2021, net sales of 553,100 MT.