Corn futures ended the Friday session with most contracts steady to 2 1/4 cents lower, 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.
Mar 19 Corn closed at $3.74 1/4, down 2 1/4 cents, |
May 19 Corn closed at $3.82 1/4, down 2 cents, |
Jul 19 Corn closed at $3.90, down 2 1/4 cents |
Sep 19 Corn closed at $3.93 1/2, down 1 3/4 cents |
--provided by Brugler Marketing & Management
