Corn futures settled Friday with most contracts 2 to 3 cents lower in the face of another record corn yield. A private export sale of 320,000 MT of 17/18 corn was reported to Unknown Destinations through the USDA’s daily system. NASS updated the US corn yield 1.2 bpa higher than December at a record 176.6 bpa this morning. The production increase of 26 mbu was limited, due to ~400,000 fewer harvested acres. December 1 stocks of corn were 12.516 bbu, above expectations due to the larger crop and 130 mbu larger compared to last year. On the world side, South American production was left unchanged, while analysts had been expecting to see a smaller crop. That caused an increase of 2.49 MMT to the world ending stocks now at 206.57 MMT. South Korea purchased 70,000 MT of corn on Friday, with the US the likely origin.
Mar 18 Corn closed at $3.46 1/4, down 2 1/2 cents,
May 18 Corn closed at $3.54 3/4, down 2 1/4 cents,
Jul 18 Corn closed at $3.62 3/4, down 2 1/4 cents
Sep 18 Corn closed at $3.70 3/4, down 2 1/4 cents