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Corn Market Commentary
cmdty Insider - BRUG - Thu Nov 08, 5:01PM CST

Corn futures ended Thursday with most contracts 1 to 2 cents higher. 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. 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 USDA 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. Stocks outside of China were trimmed by 0.83 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 years MY high.

Dec 18 Corn closed at $3.73 1/2, up 1 1/4 cents,

Mar 19 Corn closed at $3.85 1/4, up 1 1/2 cents,

May 19 Corn closed at $3.93 1/4, up 1 3/4 cents

Jul 19 Corn closed at $3.99 1/4, up 1 3/4 cents

--provided by Brugler Marketing & Management

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