Corn Market Down 6 to 9 Cents

Wednesday corn trading is starting off bearish, with futures 6 to 9 cents lower. Increasing coronavirus cases are starting to cause concern about an economic slowdown, potentially hurting fuel use and ethanol. At Tuesdays close, corn futures were 1 to 2 ΒΌ cents weaker. Chinese corn futures on the Dalian Grain Exchange were 2,544 yuan/MT (~ $9.635/bu) on 10/26. US corn is still very competitive into China if it can be shipped. US export capacity is nearly booked for November and December by those strong export sales. Taiwan purchased 65,000 MT of U.S. corn in their tender. South Korea purchased 268,000 MT of feed corn after issuing a 69,000 MT optional origin tender. Iran is also tendering for 200,000 MT of optional origin corn.

--- provided by Brugler Marketing & Management




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