Corn Market Commentary

Corn futures are mostly 4 to 5 cents lower on Thursday, with USDA loosening the belt on world stocks. NASS updated their national corn yield projection to 178.9 bpa this morning, below than trade estimates and 1.8 bpa lower than October. That brought the US 18/19 production number to 14.626 bbu, down 152 mbu from last month as harvested acreage was UNCH. US ending stocks were trimmed by 77 mbu to 1.736 bbu. On the world side of things, USDA re-calculated the changes to Chinese corn production and stocks all the way back to 07/08. The Chinese government had revised their historical data earlier in the week after “technical issues” back in October. The revisions showed 18/19 world carryout at 307.51 MMT, up 148.16 MMT from last month. On a side note Chinese ending stocks were revised 148.99 MMT higher at 207.49 MMT. The weekly US Export Sales report showed 18/19 corn sales for the week of 11/1 within the range of estimates at 701,477 MT. That picked up 77.84% over last week but was still 70.33% lower than last year MY high.

Dec 18 Corn is at $3.67 1/4, down 5 cents,

Mar 19 Corn is at $3.79 1/4, down 4 1/2 cents,

May 19 Corn is at $3.87, down 4 1/2 cents

Jul 19 Corn is at $3.92 3/4, down 4 3/4 cents

--provided by Brugler Marketing & Management




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