Corn futures are lower ahead of the weekend break with midday losses of 3 to 3 1/2 cents. Ahead of USDA’s official August supply and demand updates, analysts in a Bloomberg survey expect a 180.5 bpa yield on average for 15.176 bbu of production. The average estimate for ending stocks is 2.824 bbu, which would be up 175.8 mbu from the July estimate if realized. Traders also estimate a larger old crop carry out, with the average estimate 21 mbu higher @ 2.269 bbu. Analysts estimate USDA will raise 2020/21 world corn carryout to 319 MMT. The 5-day QPF shows rain through the weekend into early next week in MO and in MN. In MO a system is forecasted to bring up to 1.5” accumulated across the state, and along the MN/WI border NOAA forecasts up to 3” accumulated. Notably OH, IA, and NE, will miss out on significant accumulations. China sold 3.992 MMT of corn from state reserves this week, and the average selling price was 2,005 yuan/MT (~ $7.31/bu). From BAGE’s weekly ag report, Argentine corn harvest is finished for the 2019/20 crop with an estimated 50 MMT production.
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Sep 20 Corn is at $3.07 3/4, down 3 1/2 cents,
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Dec 20 Corn is at $3.20 1/2, down 3 1/4 cents,
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Mar 21 Corn is at $3.32 1/4, down 3 1/4 cents,
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May 21 Corn is at $3.40 1/2, down 3 1/4 cents,
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--- provided by Brugler Marketing & Management
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