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Corn futures lost 8.5 cents in the December 2015 contract following the release of the monthly USDA reports. USDA put 2015/16 US production at at 13.555 billion bushels (bbu) on 80.7 million harvested acres and a national average yield of 168 bpa. They cut acreage by 400,000 and raised the average yield half a bushel; effectively shrinking the production estimate by just 30 million bushels (mbu). New crop production in Brazil was raised 1 MMT from last month to 80 MMT while CONAB is expecting 82.6 to 83.6 MMT. USDA did raise the US cash price midpoint for the year by 5 cents. The world ending stocks figures for both old and new crop shrank from the previous month, coming in at 196.03 MMT (-1.18) and 187.83 MMT (-1.86) respectively. Commitment of Traders data released this afternoon showed managed money spec accounts adding to their net long position during the week ending Tuesday, Oct. 6.
Dec 15 Corn closed at $3.82 3/4, down 8 1/2 cents,
Mar 16 Corn closed at $3.93 1/2, down 8 1/4 cents,