Corn Market News and Commentary

Corn futures are trading 1 to 3 cents lower in most contracts on Friday. In their monthly WASDE update, USDA increased US ending stocks for 18/19 by 100 mbu to 1.835 bbu. That was due to a reduction to ethanol demand (-25 mbu) and lower exports (-75 mbu). Total commitments are lagging a year ago by 1.5% but accumulated exports are 39.69% larger. On the world side, both Brazil (94.5 MMT) and Argentina (46 MMT) production numbers were UNCH. Ending stocks for 18/19 were down 1.25 MMT at 308.53 MMT on the world balance sheet, with China feed corn usage up 3 MMT as they push a hog diet heavy in corn and lower in soybean meal.

Mar 19 Corn is at $3.55 1/2, down 1/2 cent,

May 19 Corn is at $3.62 1/2, down 2 3/4 cents,

Jul 19 Corn is at $3.71 3/4, down 2 1/2 cents

Sep 19 Corn is at $3.78 1/2, down 2 1/2 cents

--provided by Brugler Marketing & Management

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