Corn futures are showing fractional gains so far on the Friday session, following another acreage increase to a now record number. There were 48 deliveries issued against September corn futures overnight. The CmdtyView national average Cash Corn price is up 1/2 cent at $3.76 1/2.
USDA’s monthly Crop Production report showed yield at 186.7 bpa, a 2.1 bpa drop from what wat reported in August. Acreage was raised another 1.47 million acres on the planted side (a record 98.728 million) and 1.356 million on the harvested side, with production up 73 mbu to 16.814 bbu. As for the WASDE, 2024/25 US stocks were 20 mbu higher 1.325 bbu vs. estimates for a 6 mbu increase. With the production increase, new crop carryout was down 7 mbu to 2.11 bbu, with demand raised on a 100 mbu increase to exports.
On the world side, USDA raised the old crop number by 1.07 MMT to 284.18 MMT due to a 3 MMT increase to Brazil output. New crop world stocks were down 1.14 MMT to 281.4 MMT.
Sep 25 Corn is at $3.98 1/2, down 1/2 cent,
Nearby Cash is at $3.76 1/2, up 1/2 cent,
Dec 25 Corn is at $4.20, up 1/4 cent,
Mar 26 Corn is at $4.37 1/2, up 1/4 cent,
New Crop Cash is at $3.76 1/2, up 1/2 cent,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
