Corn futures are weaker as the USDA data dump gets digested. Old crop is 3 to 3 1/2 cents in the red so far. New crop futures are fractionally weaker. USDA maintained $5.45 as the cash average price. The cash average price for sorghum was also left UNCH at $5.45. USDA flashed a large 100k MT old crop corn sale to unknown destinations this morning.
December 1st corn stocks were 11.647 bbu, when the trade was looking to see 11.607 bbu. That implied a Q1 use of 4.704 bbu, when again the implied pre report average trade guess was very accurate at 4.707.
The NASS crop production report showed the average corn yield was UNCH from December’s 177 bpa. With 0.3m additional harvested acres, that had total 21/22 output at 15.115 billion bushels. Figuring carryout off that level raised stocks by 47mbu to 1.540 billion bushels. Trade ideas had been lower. Exports were reduced 75 mbu but that was offset by a 75 mbu bump to ethanol.
For South American corn output, USDA’s WAOB went with 115 MMT for Brazil and 54 MMT for Argentina. Yesterday, CONAB saw Brazilian corn production at 112.9 MMT, while the trade was looking for USDA to go to 116.2. The trade average guess for Argentina was 53.6 MMT. Global corn carryout was below last month but not as much of a cut as anticipated at 303.1 MMT.
Mar 22 Corn is at $5.97 3/4, down 3 1/4 cents,
Nearby Cash is at $5.84 1/2, down 3 1/2 cents,
May 22 Corn is at $5.98 3/4, down 3 3/4 cents,
Dec 22 Corn is at $5.56 1/4, down 1 1/4 cents,
New Crop Cash is at $5.39 1/4, down 1 3/4 cents,
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