Corn futures settled with 5 to 6 cent gains on Thursday. 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 larger export assumptions. The 2018/19 production was up 190 mbu at 14.23 bbu on larger acreage but that was partially offset by increased demand. New crop US stocks went against expectations and were trimmed 25 mbu to 1.577 bbu. Brazil production was shown at 83.5 MMT, down 1.5. That helped to drop 17/18 world ending stocks to 191.73 MMT. New crop was 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. New crop sales fell short of estimates at just 128,035 MT.
Jul 18 Corn closed at $3.36 1/2, up 5 1/4 cents,
Sep 18 Corn closed at $3.45 3/4, up 5 3/4 cents,
Dec 18 Corn closed at $3.59 1/4, up 6 cents
Mar 19 Corn closed at $3.71, up 6 cents