Corn Market Commentary
cmdty Insider - BRUG - Thu Oct 11, 12:12PM CDT

Corn futures are trading 5 to 6 cents higher in most contracts on Thursday, following some friendly USDA numbers. The USDA announced a private export cancellation of 140,000 MT to unknown destinations this morning. NASS tallied 18/19 US corn yield at 180.7 bpa, which was down 0.6 bpa from September and below trade estimates. That took production to 14.778 bbu, down 51 mbu as harvested acreage was just 3,000 acres lower. USDA projects that the current MY carryout will total 1.813 bbu, up 39 mbu from last month but still well (106 mbu) shy of trade expectations. World ending stocks were on par with projections coming in at 159.35 MMT. EIA data released this morning showed 1.04 million barrels of ethanol per day was produced in the week of 10/5. That was up 25,000 bpd from the week prior, as stocks grew by 576,000 barrels to 24.021 million barrels. CONAB released initial projections for Brazil corn production on Thursday, with 18/19 seen at 89.734-91.084 MMT and USDA currently at 94.5 MMT.

DEC 18 Corn is at $3.68 3/4, up 6 cents,

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

MAY 19 Corn is at $3.87 3/4, up 5 3/4 cents

JUL 19 Corn is at $3.93 1/4, up 5 1/2 cents

--provided by Brugler Marketing & Management (402) 289-2330




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