Corn futures fell 5 to 6 3/4 cents following the bearish November USDA update. This morning’s Export Sales report indicated a robust 2.364 MMT in corn export sales for the week of November 2. That is a jump of nearly 2.9 times the previous week’s sales and 60.47% above this time last year. There was an additional 574,180 MT for 18/19 sales, mainly from Mexico’s purchase last week. However, the USDA raised their 17/18 US corn yield projection 3.6 bpa to an all time record to 175.4 bpa, above all published estimates. That change bumped the 2017 US production total 298 mbu to 14.578 bbu. With the larger production number, ending stocks were hiked to 2.487 bbu. The world ending stocks number was updated to 203.86 MMT, up 2.9 MMT. China announced that they would remove their 11% value added tax on imports of DDGS, but will leave the 53.7% anti-dumping tariff against US firms in place.

Dec 17 Corn closed at $3.41 1/2, down 6 3/4 cents,

Mar 18 Corn closed at $3.54 3/4, down 6 1/2 cents,

May 18 Corn closed at $3.63 1/2, down 6 1/4 cents

Jul 18 Corn closed at $3.71 1/2, down 6 cents

Market Commentary provided by:

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