Corn futures are showing 1 to 2 1/4 cent losses at midday, despite some bullish news from the USDA. This morning’s onslaught of USDA reports saw 2018/19 US yield slashed by 2.5 bpa to 176.4 bpa, which dropped production to 14.420 bbu. After several balance sheet revisions, 18/19 ending stocks were trimmed by 46 mbu to 1.735 bbu. The quarterly Grain Stocks report showed Dec 1 corn stocks at 11.952 bbu, which is down 4.89% from last year and 140 mbu below the average trade estimate. On the bear side, world ending stocks are projected at 309.78 MMT, up 1 MMT from the Dec number. USDA left the Brazil production number at 94.5 MMT, with Argentina at 46 MMT, up 3.5 MMT. Ukrainian firm ProAgro estimates that the country’s 2019 corn crop will be at 31.2 MMT, down 4.4 MMT from last year.
Mar 19 Corn is at $3.74 1/4, down 2 1/4 cents, |
May 19 Corn is at $3.82, down 2 1/4 cents, |
Jul 19 Corn is at $3.90, down 2 1/4 cents |
Sep 19 Corn is at $3.93 1/2, down 1 3/4 cents |
--provided by Brugler Marketing & Management
