Corn futures are trading 5 to 6 cents higher post report, ignoring soon to expire July. This morning’s USDA S&D report showed old crop stocks of US corn down 75 mbu from last month at 2.027 bbu, a surprise cut caused by bigger export assumptions. New crop went against expectations and stocks were trimmed 25 mbu to 1.577 bbu. The 2018/19 production was up 190 mbu at 14.23 bbu on larger acreage but that was partially offset by increased demand. The WASDE also showed a 1.5 MMT reduction to Brazil production at 83.5 MMT. That helped to drop 17/18 world ending stocks to 191.73 MMT. New crop world stocks are projected at 151.96 MMT, down 2.73 from June’s report. The weekly USDA Export Sales report showed old crop corn sales in the week of July 5 on the low end of expectations at 402,102 MT, but well above the same holiday week last year. Net reductions of 435,100 MT were shown for unknown destinations, most being switched to a country of destination. New crop sales fell short of estimates at just 128,035 MT.
Jul 18 Corn is at $3.40 3/4, up 9 1/2 cents,
Sep 18 Corn is at $3.45 1/4, up 5 1/4 cents,
Dec 18 Corn is at $3.58 1/2, up 5 1/4 cents
Mar 19 Corn is at $3.70 1/4, up 5 1/4 cents