Corn bulls got a pop on Tuesday following a USDA stocks revision. Futures closed with contracts fractionally to 7 ½ cents higher on the day. The national average Cash Corn price from cmdtyView was up 7 cents at $4.21.
The monthly WASDE report from this morning showed a massive 200 mbu cut to the US corn ending stocks numbers to 1.738 billion bushels. That came via a 50 mbu increase to the ethanol side of the balance sheet, as well as a 150 mbu increase to exports. On the world front both Brazil and Argentina production numbers were left unchanged, with world stocks slashed by 7.7 MMT to 296.44 MMT. Chinese stocks were trimmed by 2 MMT on a cut to imports
Brazil’s ANEC estimates the country’s December corn exports are 3.96 MMT, an increase from the 3.59 MMT prior estimate.
Dec 24 Corn closed at $4.40 1/2, up 6 1/2 cents,
Nearby Cash was $4.21, up 7 cents,
Mar 25 Corn closed at $4.49, up 7 1/4 cents,
May 25 Corn closed at $4.55 1/4, up 7 1/2 cents,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here. More news from Barchart- Corn Demand in Focus: What The Cash Market May Be Trying To Say
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