Corn Market Commentary

Corn futures ended Wednesday with sharp 13 to 14 1/4 cent losses in the front months, following this morning’s bearish USDA reports. The weekly EIA report indicated that ethanol production in the week of 9/7 was down 67,000 barrels per day totaling 1.02 million bpd. Stocks rose 191,000 barrels at 22.894 million barrels. NASS updated their US corn yield number to 181.3 bpa, up 2.9 bpa from their initial August report. They now have record projected yield in most of the major Corn Belt states (NE, IA, IL, IN, OH, SD). That placed production at 14.827 bbu, with the new crop carryout up 90 mbu at 1.774 bbu. The USDA reported a 25 mbu reduction in old crop US stocks mainly from increased exports. World ending stocks for 17/18 were up 0.82 MMT to 194.15 MMT, with 18/19 1.54 higher at 157.03 MMT. FSA data, released after the close, showed producers enrolling in 928,157 acres of prevent plant for corn through September 1, up slightly from August. Export sales in the week of 9/6 are expected to be shown at 0.8-1.2 MMT for new crop on Thursday morning.

Sep 18 Corn closed at $3.41 1/2, down 13 3/4 cents,

Dec 18 Corn closed at $3.52 1/2, down 14 1/4 cents,

Mar 19 Corn closed at $3.65, down 13 1/2 cents

May 19 Corn closed at $3.73 1/2, down 13 cents

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