Corn Dec '23 (ZCZ23)
Corn Futures Market News and Commentary
Corn bulls found their footing on Friday following friendlier than expected USDA data. Contracts were up 2 ½ to 10 ¼ cents across the board, led by the front months. September was 16 ½ cents higher this week, with December up 19 ½ cents. The CmdtyView national average Cash Corn price was 7 3/4 cents higher at $4.09 1/2.
The monthly WASDE report from this morning showed US corn stocks for 2025/26 down 125 mbu from last month to 2.02 bbu. That was mainly due to a 150 mbu increase to feed and residual and a 25 mbu cut to ethanol. New crop carryout saw a larger than expected drop, down 170 mbu to 1.790 bbu, due to the lower carryover and a 50 mbu increase in exports.
World corn stocks were trimmed by 5.96 MMT to 275.26 MMT. That came mostly from the US cut, as well as a 1 MMT drop to China on a smaller old crop number. EU production was down 3.72 MMT to 53.78 MMT. Coceral trimmed their EU and UK corn production number by 4.5 MMT to 52.7 MMT. Argentina 2025/26 output was rais... Read more
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