Grain Express

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Corn (December)

Fundamentals: Corn futures are continuing higher this morning, making new highs for the move. This morning’s weekly export sales report showed net sales of 1,225,700 MT for 2020/2021 primarily for Japan (360,100 MT, including 39,600 MT switched from unknown destinations and decreases of 41,500 MT), Mexico (332,700 MT, including decreases of 1,300 MT), and unknown destinations (310,900 MT). Attention has shifted towards tomorrow’s USDA report, out at 11:00 AM CT. The average analyst estimate for yield comes in at 177.7 bushels per acre, this would be .8 lower than the previous report. This would put production at 14.808 billion bushels. Ending stocks are expected to come in near 2.113 billion bushels.