Corn Market Commentary

Corn futures are trading 5 to 8 cents in the red following the USDA reports this morning. The monthly Crop Production report from NASS showed the national average US corn yield at 178.4 bpa, 2.2 bpa above the average trade estimate. That put the production total for the US at 14.586 bbu, up 356 mbu from July. The jump in production caused the new crop ending stocks projection to be raised to 1.684 bbu. Old crop US stocks were UNCH at 2.027 bbu. Brazil production was cut by 0.5 to 83 MMT, with exports down 3 to 23 MMT. That helped old crop world stocks to jump to 193.33 MMT. New crop world carryout was up 3.53 MMT from USDA’s previous number to 155.49 MMT, thanks in part to the US production hike. China also sold 17.79% of the corn offered at an auction of state reserves on Friday, totaling 791,186 MT.

Sep 18 Corn is at $3.63, down 6 1/4 cents,

Dec 18 Corn is at $3.77, down 5 3/4 cents,

Mar 19 Corn is at $3.88, down 6 cents

May 19 Corn is at $3.94 3/4, down 6 cents




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