Corn Market Commentary

Corn futures are currently 2 to 3 cents lower after ending Thursday with most contracts 1 to 2 cents higher. NASS cut their their national corn yield projection by 1.8 bpa to to 178.9 bpa. That brought the US 18/19 production to 14.626 bbu, down 152 mbu from last month. US ending stocks were trimmed by 77 mbu to 1.736 bbu due to feed use and export reductions. 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 USDA revisions showed 18/19 world carryout at 307.51 MMT, up 148.16 MMT from last month! Chinese ending stocks were revised 148.99 MMT higher at 207.49 MMT. Stocks outside of China were trimmed by 0.83 MMT. US corn exports in the week ending Nov 1 totaled 1.355 MMT, with accumulated exports since September 1 now 10.601 MMT, 85.02% larger than the same week a year ago.

--provided by Brugler Marketing & Management

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