Corn futures are showing 2 to 3 cent gains so far on Monday morning, as USDA’s carryout projections are offsetting the record US yield estimates.
The much-awaited USDA Crop Production report showed national yield pegged at 183.1 bpa according to the NASS survey, up 2.1 bpa from the July WASDE. Acreage, however, was cut by 0.8 million acres to 90.7 million planted acres, with harvested down 0.7 to 82.71 million. That only raised production by 47 mbu to 15mbu.
Old crop US stocks were trimmed by 10 mbu, as a 25 mbu increase to exports was partially offset by a 15 mbu cut to FSI. That helped to limit some of the damage to the new crop balance sheet, which saw stocks down 24 mbu.
World new crop stocks were down more than 1.4 MMT to 310.17 MMT mainly on the US number. Old crop production for Argentina was down 2 MMT to 50 MMT, as Brazil was left unchanged at 122 MMT.
USDA reported a sale of 165,000 MT of corn to unknown destinations for 2024/25 shipment this morning. Export Inspections data showed 974,667 MT (38.37 mbu) of corn shipped in the week that ended on August 8. That was well above the same week last year, as accumulated shipments totaled 48.92 MMT (1.925 bbu).
Sep 24 Corn is at $3.79 1/2, up 2 3/4 cents,
Nearby Cash is at $3.67 1/8, up 2 3/4 cents,
Dec 24 Corn is at $3.97 3/4, up 2 3/4 cents,
Mar 25 Corn is at $4.14 3/4, up 2 1/4 cents,
New Crop Cash is at $3.60, up 2 3/4 cents,
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