Overnight corn trading has prices UNCH to fractionally higher this morning. Yesterday corn futures held on to 1 1/2 to 4 cent gains, but were well off their highs. Preliminary open interest did show net new buying, rising 16,255 contracts. Cash corn prices have also been rallying, cmdtyView’s national cash corn price was up 12 cents since the turn higher – also with strengthening basis by a penny to 22 under. USDA’s weekly Export Sales report had 2.611 MMT of 2020/21 corn booked for the week ending 10/29. That was up 16% wk/wk and was more than 4X the same week last year. Accumulated corn commitments are 1.31 billion bushels for 2020/21 and 29.4 million bushels on the books for 21/22. USDA’s Ag Attaché increased their estimate for China’s 2020/21 corn imports from 7 MMT to 22 MMT. WASDE does not have to, and frequently does not adopt attaché estimates in official forecasts. The report cited rising domestic prices, storm damage, depleted stocks and a possible 5 MMT increase to the 2020 TRQ. Such an increase would only bring the TRQ to 12.2 MMT. USDA’s official WASDE update will be on the 10th.
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