Corn Market Down 2 to 3 Cents

Corn futures are trading 2 to 3 cents lower this morning. Dec Corn lost 12 cents last week, but futures did ride into the weekend on Friday gains of 2 cents or more. The NASS Crop Production report showed a 1.4 bpa reduction to the 2019 corn yield projection, taking it to 167 bpa. That dropped production to 13.661 billion bushels, down 118 mbu from Oct. Expected US ending stocks were cut 19 mbu to 1.910 bbu as demand was also lowered. Exports, feed use and ethanol use were all reduced. USDA bumped up the expected average cash corn price for the year by 5 cents to $3.85. The world corn carryout was cut 6.64 MMT from last month to 295.96 MMT. The Commitment of Traders report on Friday afternoon showed that managed money was still increasing their net short for Corn futures, growing that position to 104,846 contracts as of November 5. Trade ideas for US corn harvest are running 65-66% completed. USDA won’t release those numbers until Tuesday because of the Veteran’s Day holiday.

---provided by Brugler Marketing & Management

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