Corn Market Commentary

Corn futures ended Friday session with most contracts down 10 to 11 1/2 cents, following the USDA reports this morning. Nearby Sep was down 3.25% on the week. 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. Friday’s CFTC report showed spec funds shrinking their net short by another 22,493 contracts in the week ending August 7. That took the net short position to 29,705 contracts.

Sep 18 Corn closed at $3.57 3/4, down 11 1/2 cents,

Dec 18 Corn closed at $3.71 3/4, down 11 cents,

Mar 19 Corn closed at $3.83 1/4, down 10 3/4 cents

May 19 Corn closed at $3.90 1/4, down 10 1/2 cents

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