Corn Limit Down Following USDA Reports

Corn futures are posting limit losses at midday, with USDA data going against most trade estimates. This morning’s USDA report showed updated planted acreage numbers from USDA at 90.005 million acres (-1.7 mac from July) with harvested acreage at 82.017 mac (down 1.6 mac). Data from FSA showed producers enrolling in 11.211 million acres of prevent plant for corn as of August 1. NASS also raised yield by 3.5 bpa to 169.5 bpa, which took production to 13.901 bbu, up 26 mbu from July. Old crop US carryout was raised by 20 mbu to 2.36 bbu, with new crop up 171 mbu to 2.181 bbu. World ending stocks were slightly lower at 328.58 MMT for old crop, as new crop was up 8.8 to 307.72 MMT. USDA Export Inspections data showed 703,183 MT of corn shipped in the week that ended on August 8, slightly higher wk/wk but still well behind last year. A shipment of 53,788 MT of sorghum was headed to China.

SEP 19 Corn is at $3.85 1/4, down 25 cents,

DEC 19 Corn is at $3.92 3/4, down 25 cents,

MAR 20 Corn is at $4.03 1/4, down 25 cents

MAY 20 Corn is at $4.09, down 25 cents

--provided by Brugler Marketing & Management




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