Corn Market Fractionally Lower Overnight
BRUG - Wed Dec 11, 7:20AM CST

Corn was fractionally lower during the overnight trades. Corn futures reacted to the reports as expected, which is to say not at all. The WASDE report left projected US ending stocks unchanged at 1.91 bbu. Likewise, Argentine 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 for Brazil. World corn production was estimated at 1.108 billion MT. That is up 10.7% from the average since 09/10 but down 1.41% from last year. World corn consumption was 0.08% lower yr/yr at 300 MMT. The world corn stocks to use ratio is 26.42%; the average from 09/10 was 23.767% with help from the 2012 drought. The current S/U ratio for last year (still being revised) is 27.8%. Thus, the situation is still seen tightening. There were 79 deliveries against Dec corn overnight, with the ADM house account a stopper for 57 of them.

---provided by Brugler Marketing & Management

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