Corn Down After Reports

Corn has gone into fast market conditions, down 4 1/2 to 10 cents or more in response to the USDA updates. USDA announced a huge 1.365 MMT corn sale to China this morning. Delivery for the private sale is split 56% old crop and 44% 2020/21. That had been rumored a week ago, and while not traded as bullish then we are seeing some “sell the fact” action. USDA’s corn production forecast is 15 billion bushels, down 995 mbu from June due to acreage cuts. Trade was looking for a 954 mbu cut. On the World stage, USDA cut new crop production 25.27 MMT to 1,163 MMT, but it was entirely from U.S. Domestic old crop carryout increased 145 mbu to 2.248, which was a smaller than anticipated increase. The 2020/21 corn stocks were dropped by a larger amount than anticipated, with USDA showing 2.648 bbu.

Jul 20 Corn is at $3.46 3/4, down 4 1/2 cents,

Sep 20 Corn is at $3.42 1/2, down 6 1/4 cents,

Dec 20 Corn is at $3.50 1/4, down 6 3/4 cents,

Mar 21 Corn is at $3.60, down 6 3/4 cents,

--- provided by Brugler Marketing & Management

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