Corn Higher Despite Larger Carryout Projections

Corn futures are showing 2 to 3 cent gains at midday. USDA raised their old crop corn carryout estimate by 145 mbu to 2.34 bbu, on a cut to several demand categories. As expected, they used acreage numbers from the June 28 report, as well as leaving projected yield at 166 bpa this morning. That caused a 195 mbu jump in new crop production to 13.875 bbu. New crop ending stocks were raised by 335 mbu to 2.01 bbu. The world table raised Argentina’s corn crop at 51 MMT. World carryout for 18/19 was up 2.82 MMT to 328.75 MMT, with new crop going opposite of expectations, up 8.4 MMT to 298.82 MMT. The weekly Export Sales report this morning showed an improvement to old crop corn bookings in the week of July 4, at 505,396 MT. That was 6-week high and 25.69% larger than the same week last year. New crop disappointed, with net reduction s of 108,362 MT. Japan was the lead buyer of 444,800 MT for 18/19, but cancelled 120,000 for 19/20.

JUL 19 Corn is at $4.36 1/2, up 2 1/4 cents,

SEP 19 Corn is at $4.38, up 3 cents,

DEC 19 Corn is at $4.42 1/2, up 3 cents

MAR 20 Corn is at $4.49 1/4, up 3 cents

--provided by Brugler Marketing & Management

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