Corn Futures Higher on Friday

Dec Corn lost 12 cents for the week, but futures did ride into the weekend on Friday gains of 2 cents or more. The USDA announced this morning a private export sale of 217,040 MT of corn to unknown for 19/20 delivery. That was icing on the cake. This morning’s NASS Crop Production report showed a 1.4 bpa reduction to the 2019 corn yield projection, taking it to 167 bpa. That dropped production to13.661 billion bushels, down 118 mbu from Oct. US ending stocks were cut 19 mbu by the USDA to 1.910 bbu as demand was also lowered, total projected usage took a 50 mbu cut. Exports were cut by 50 projected mbu. The average farm price as per USDA was up to $3.85. Shifting focus to the world numbers, world corn carryout was down 6.64 MMT from last month to 295.96 MMT. The Commitment of Traders report this afternoon showed that managed money was still net short for Corn futures, but had grown the position to over 100,000 contracts for the first time since 10/1.

DEC 19 Corn closed at $3.86 1/4, up 2 cents,

MAR 19 Corn closed at $3.86 1/2, up 2 3/4 cents,

MAY 20 Corn closed at $3.93 1/2, up 2 1/2 cents

JUL 20 Corn closed at $3.99 3/4, up 2 cents

-- provided by Brugler Marketing & Management

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