Corn Holding onto Gains After Yield Cut
Following a bull friendly USDA report, midday price action has corn falling off is highs. Contracts are just fractionally higher as we trade through Friday. The national average Cash Corn price from cmdtyView is up 3/4 cent at $4.01 1/4 per bu.
USDA reported private export sales of 200,480 MT of 24/25 corn to unknown destinations during the reporting period this morning.
USDA’s Crop Production report saw a reduction in yield by 0.7 bpa to 183.1 bpa. The harvested acreage was left unchanged this month, as expected. That took production down 60 million bushels to 15.143 mbu.
A smaller output helped to tighten down the projected stocks total by 61 mbu to 1.938 bbu, as the World Ag Outlook Board chose to leave the demand side of the balance sheet alone. That was despite the robust ethanol production and export business to start the year. On the world side, South American production was left unchanged, with world ending stocks down 2.38 MMT to 304.14 MMT.
Dec 24 Corn is at $4.27 3/4, up 1/4 cent,
Nearby Cash is at $4.01 1/4, up 3/4 cent,
Mar 25 Corn is at $4.41, up 1/2 cent,
May 25 Corn is at $4.48 1/4, up 1/2 cent,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.