Corn Dropped Out of WASDE Data

The larger corn yield sent futures falling after the 11am central release. Prices have firmed up by 4 cents for midday, but are still trading 4 to 6 cents in the red. USDA lowered their cash average price for corn by 10 cents to $4.85.  

The weekly Export Sales data showed 1.015 MMT of corn was sold during the week that ended 11/2. That was at the top end of estimates without any previously announced business. Mexico was the top buyer with 384k MT booked, followed by unknown destinations with 230k MT. Shipments were a MY high 825k MT, bringing the total to 5.814 MMT through 11/2. That is 32% ahead of last season’s pace. Commitments are 31% ahead of last year’s pace. Milo sales came in at 139k MT for a total commitment of 3.066 MMT – a massive increase from last year’s pace and the 4th most on record for this time of the season.  

NASS data raised the corn yield for IL (+3), IN (+3) and IA (+1), for a 1.9 bpa yield increase nationally to 174.9. The trade was looking for a 0.3 bpa increase. That raised production by 170 mbu to 15.234 billion. The additional corn increased feed and residual (+50), ethanol (+25), and exports (+50). Carryout was on net 45 mbu higher to 2.156 billion. 

Global WASDE numbers saw a 6.3 MMT production increase, mostly U.S., to 1.221b MT. Exports were upped by 3.4 MMT, and Carryout was 2.6 MMT looser at 315 MMT.   

Rosario Grains Exchange reported that corn planting was 27% finished.  

Dec 23 Corn  is at $4.70 3/4, down 5 1/4 cents, 

Nearby Cash   is at $4.44 3/8, down 5 1/4 cents, 

Mar 24 Corn  is at $4.85 1/4, down 4 3/4 cents, 

May 24 Corn  is at $4.94, down 5 1/4 cents,