Corn
Corn futures are trading fractionally mixed this morning. They ended Thursday with most contracts 2 to 3 3/4 cents higher following the USDA reports. US corn production was increased 96 mbu to 14.280 bbu. That was mainly from an adjustment in yield (+1.9 bpa) at 171.8 bpa, as harvested acreage was down 400,000 acres to 83.1 million acres. US ending stocks for 17/18 were increased 5 mbu to 2.34 bbu, while world ending stocks fell 1.51 MMT to 200.96 MMT. The weekly EIA showed ethanol production at just 967,000 barrels per day for the week of October 6, down 43,000 bpd from the previous week. That is the lowest production number since the first week of October in 2016. Analysts are expecting the USDA weekly export sales report this morning to show 0.8-1.1 MMT in 17/18 export sales during the week of October 5.



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