Use current strength to wrap up remaining old-crop sales.

The short-term trend in corn has shifted back higher.  If the December contract can penetrate the $4.10 region, it would open the door for prices to test $4.50.  Sales should have been boosted to 60 percent when December futures fell through $3.84.  Use current strength for making catch-up sales. 

The fundamental picture for corn hasn’t changed much; prices continue to gain short-term strength on spillover support from wheat.  In addition, the extreme heat in Europe has resulted in the International Grain Council reducing their estimate for 2010/2011 world maize crop by 1 million tonne to 823 million.  Export business remains strong, as weekly sales were pegged at 960,500 metric tons, which was at the high end of trade estimates of 800,000-1,000,000 metric tons.