Corn prices are trading with 2 to 3 cents losses so far on Tuesday morning. Futures closed out the Monday session with contracts up 5 to 7 cents across most front months, as USDA’s carryout projections offset record US yield estimates with improved demand.
After the close, NASS reported that 94% of the US corn crop was silking, with 60% in the dough stage and 18% dented. The latter two were 4% and 6% above the 5-year average. Condition ratings were unchanged at 67% good/excellent, as the Brugler500 index was steady at 370.
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. FSA data showed 89.104 million acres of plant and fail corn acres, for 2024 as of August 9. It must be noted, that not all acres are enrolled to the FSA causing NASS numbers to run high in comparison. Prevent plant acres total 2.67 million acres for corn by that date.
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 closed at $3.83 1/4, up 6 1/2 cents, currently down 3 cents
Nearby Cash was $3.71 5/8, up 6 1/4 cents,
Dec 24 Corn closed at $4.01 1/2, up 6 1/2 cents, currently down 2 1/4 cents
Mar 25 Corn closed at $4.19, up 6 1/2 cents, currently down 2 3/4 cents
New Crop Cash was $3.64 7/8, up 6 1/2 cents,
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