Corn Futures Higher at Midday

Corn futures are up by 5 plus cents following the USDA crop production and WASDE numbers. The USDA announced this morning a private export sale of 217,040 MT of corn to unknown for 19/20 delivery. That was icing on the cake. This morning’s NASS Crop Production report showed a 1.4 bpa reduction to the 2019 corn yield projection, taking it to 167 bpa. That dropped production to13.661 billion bushels, down 118 mbu from Oct. US ending stocks were cut 19 mbu by the USDA to 1.910 bbu as demand was also lowered. Shifting focus to the world numbers, world corn carryout was down 6.64 MMT from last month to 295.96 MMT.

DEC 19 Corn is at $3.80 3/4, up 5 1/2 cents,

MAR 19 Corn is at $3.89 1/4, up 5 1/2 cents,

MAY 20 Corn is at $3.96 1/2, up 5 1/2 cents

JUL 20 Corn is at $4.02 1/2, up 4 3/4 cents

-- provided by Brugler Marketing & Management

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