Corn Market Recap - 9/9/2016

September 9, 2016 3:37PM CDT

September Corn finished up 3 at 330, 1/2 off the high and 6 1/4 up from the low. December Corn closed up 2 1/2 at 341. This was 6 1/2 up from the low and 1 off the high.

December corn is holding on to small gains today, trading as high as 341 1/2 which is up 13 cents on the week. The trade is awaiting the release of the September crop report at 11:00 on Monday. There continues to be talk of diplodia (ear rot) showing up in corn as the harvest moves to the North. A yield estimate of 173.4 (1.7 bushels below USDA) has been priced in on this week's rally. The mid-day weather runs still have unwanted rainfall for the next 5 days, even though amounts have been reduced.

Net weekly export sales for corn, came in at 1,093,300 metric tonnes for the current marketing year and 30,500 for the next marketing year for a total of 1,123,800.

As of September 1, cumulative corn sales stand at 29.6% of the USDA forecast for 2016/2017 (current) marketing year versus a 5 year average of 29.5%. Sales of 746,000 metric tonnes are needed each week to reach the USDA forecast.

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