Corn ended November with 6 1/2 to 7 3/4 cent losses. The oldest December long is dated July 2019, with delivery notices coming up! The national average basis from cmdtyView is -0.14 with a 7 cent spread from WCB ($4.04) to ECB ($4.11). USDA reported two sales to unknown destinations this morning under the daily reporting system, for 140,000 and 204,000 MTs. The weekly Export Inspections data from USDA showed 35.04 mbu of corn shipped on the week ending 11/26. That was up 6.9% wk/wk, and more than double the same week last year. China was the top destination with 40% of the total. Accumulated exports are 399 mbu, outpacing 19/20’s export program by 54%. CFTC data from 11/24 showed that managed money was 287,599 contracts net long on November 24 after new buyers pushed the net long up by 8,710 contracts in a week. Commercials cut their OI by 169,131 contracts (9%) on the week and increased the net short to 647k contracts (record 748,559).

--- provided by Brugler Marketing & Management