Corn Fractionally Higher

Corn is trading fractionally higher ahead of this morning’s WASDE report release. Prices were 1 1/4 to 3 cents higher yesterday despite a 4 cent per bushel retreat in the afternoon. Ahead of the monthly USDA reports, traders estimate on average a 954 mbu cut to 2020/21 production driven by the June 30 acreage cuts. Old crop carryout is estimated to increase 169 mbu to 2.272 bbu. NMY corn stocks, on the other hand, are estimated at 2.731, which would be down 592 mbu from the previous forecast. The average pre-report estimate for world carryout is 325 MMT, that would be down 12.5 from June if realized. In the weekly Export Sales report, corn export bookings were 599,242 MT (23.6 mbu), with new crop sales of 409,345 MT (16.1 mbu).

--- provided by Brugler Marketing & Management

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