Corn Fractionally Mixed at Midday
BRUG - Tue Dec 10, 12:00PM CST

Corn futures reacted to the reports as expected, which is to say not at all. The WASDE showed projected ending stocks for the U.S. were unchanged at 1.91 bbu. Brazil Production was estimated at 101 MMT, which was also unchanged. Likewise, Argentina corn production was steady with November at 50 MMT. Corn production from CONAB was up 50,000 MT mo/mo, at 98.41 MMT, but they are still below USDA’s 101 MMT. Yesterday, the USDA released the final crop progress report for the 2019 season, indicating corn harvest had progressed 3 percentage points through the week and was 92% complete as of 12/08; Using the USDA’s forecasted 81.8 million acres of corn to be harvested with the 8% remaining from the crop progress, there remains approximately 6 million acres yet in the field. The UDA put estimates for China corn production at 260.77 MMT to match China’s Bureau of Labor Statistics latest update for 2019 corn production of 260.77 MMT, which is a 2% increase yr/yr.

Dec 19 Corn is at $3.65 1/2, down 1/4 cent,

Mar 20 Corn is at $3.75 3/4, unch,

May 20 Corn is at $3.81 1/2, up 1/4 cent,

Jul 20 Corn is at $3.86 1/2, up 1/2 cent,

---provided by Brugler Marketing & Management

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