Corn Shaking Off Post-Report Weakness

Corn futures are up 3 to 3 1/2 cents at midday, after initial weakness following the USDA reports. NASS updated their 2019 US corn yield projection on Thursday to 168.2 bpa, down 1.3 from the August number, as they left acreage unch. Production was down 102 mbu to 13.799 bbu on that yield cut. Ending stocks for 19/20 were up 9 mbu to 2.19 bbu, as old crop stocks rose more than expected (85 mbu) to 2.445 bbu. World stocks were up slightly to 329.55 MMT, with old crop down 1.45 MMT to 306.27. A private export sale of 113,036 MT was reported for 19/20 delivery to Mexico this morning. The weekly Export Sales report showed a total of 498,090 MT in 19/20 bookings, with 734,420 MT in unshipped sales carried over from 18/19 during the week of September 6. Total commitments to start the new MY are 7.19 MMT, the lowest since 2004/05.

SEP 19 Corn is at $3.51 3/4, up 3 1/2 cents,

DEC 19 Corn is at $3.63, up 3 cents,

MAR 20 Corn is at $3.75 1/2, up 3 1/4 cents

MAY 20 Corn is at $3.84 3/4, up 3 cents

-- provided by Brugler Marketing & Management

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