Corn

Corn futures are trading 1 to 2 cents higher this morning. They settled Friday with most contracts 2 to 3 cents lower in the face of another record corn yield from USDA. NASS put the final yield for the 2017 crop at a record 176.6 bpa. Due to a drop in the harvested acres the production rise was limited. The world ending stocks were increased to 206.57 MMT thanks to larger 16/17 carryout and lower global feed usage. US December 1 corn stocks totaled 12.516 bbu, above expectations due to the larger crop and 130 mbu larger compared to last year. ECB stocks rose 1.83% to 3.32 bbu, with the WCB up 1.68% to 6.25 billion bushels. South Korea purchased 70,000 MT of corn on Friday, with the US the likely origin.




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