Corn futures are rallying post-USDA release on Friday, as contracts are up anywhere from 8 to 10 cents across most nearby months.
This morning’s USDA WASDE report showed the old crop US stocks dropping 100 mbu to 2.022 bbu on increase to exports and FSI. The new crop balance sheet saw an expected building of the carryout, with the 24/25 ending stocks at 2.102 bbu, though it was 180 mbu below estimates. As expected, production was taken via the March Intentions report for acreage (90 million acres), with trendline yield estimated at 181 bpa. That tool the total projected production to 14.86 bbu vs. the 14.869 bbu estimate.
On the world side, USDA cut 2 MMT from the Brazilian production total at 122 MMT. Argentine production was estimated at 53 MMT, a 2 MMT reduction from the previous month. World stocks were tallied at 313.08 MMT for old crop, a drop of 5.2 MMT. For new crop the balance sheet sees carryout backing off slightly to 312.27 MMT.
China’s CASDE took their 24/25 import projection to 13 MMT, which is a drop of 6.5 MM% from the 23/24 projection. Much of that is offset due to increased production, as the country has recently approved several GMO varieties.
May 24 Corn is at $4.51 1/2, up 8 3/4 cents,
Nearby Cash is at $4.43 7/8, up 9 3/8 cents,
Jul 24 Corn is at $4.66, up 9 1/2 cents,
Dec 24 Corn is at $4.88 1/2, up 8 1/2 cents,
New Crop Cash is at $4.52 1/4, up 8 7/8 cents,
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