Corn Market Commentary

Corn futures are UNCH to 1 cent lower this morning. They were 6 to 7 cents higher on Thursday, following some friendly USDA numbers. NASS put 2018/19 US average corn yield at 180.7 bpa, which was down 0.6 bpa from September and below trade estimates. USDA projects that the current MY carryout will be 1.813 bbu, up 39 mbu from last month but still well (106 mbu) shy of previous trade expectations. World ending stocks were on par with projections coming in at 159.35 MMT. Analysts are expecting the USDA Export Sales report to show 1-1.5 MMT in 18/19 corn export sales. EIA 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 previous week, but stocks grew by 576,000 barrels to 24.021 million barrels. CONAB’s initial projections for Brazilian 2018/19 corn production run 89.734-91.084 MMT, with USDA currently at 94.5 MMT.

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