Wobble Wednesday corn trading saw prices climb back from overnight weakness, March briefly traded above $5.26. Futures ultimately ended 4 to 6 cents lower. March closed with a red candle for the third consecutive session, which is the first time since October the front month continuation had three red candles. Corn futures on the Dalian Grains Exchange closed firm yesterday, at 2,867 yuan/MT (~ $11.26/bu) March and 2,876 yuan/MT (~ $11.29/bu) for May. Carry in China is ~ 3 1/2 cents/bu, compared to 1 1/2 on the CBT. The national average cash corn price from cmdtyView was $4.99/bu. Cash corn in the ECB averaged $5.07 according to cmdtyView, and $4.94 in the WCB. Japan’s Ministry of Agriculture, Forestry and Fisheries reported 48.9% of animal feed was corn in November. Corn was 48.6% of animal feed in November ’19.
| Mar 21 Corn closed at $5.22, down 4 cents, |
| May 21 Corn closed at $5.24, down 4 1/4 cents, |
| Jul 21 Corn closed at $5.19 1/4, down 5 3/4 cents, |
| Sep 21 Corn closed at $4.71 3/4, down 6 cents, |
--- provided by Brugler Marketing & Management
