Corn Market Commentary
cmdty Insider - BRUG - Thu Oct 11, 5:20PM CDT

Corn futures ended the Thursday session with most contracts 6 to 7 cents higher, following some friendly USDA numbers. 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. Analysts are expecting Friday’s Export Sales report to show 1-1.5 MMT in 18/19 corn export sales. 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 closed at $3.69 1/4, up 6 1/2 cents,

MAR 19 Corn closed at $3.81 1/4, up 6 1/2 cents,

MAY 19 Corn closed at $3.88 1/2, up 6 1/2 cents

JUL 19 Corn closed at $3.94, up 6 1/4 cents

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

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