Corn Market on Session Lows As Sell Off Continues
BRUG - Tue Aug 13, 7:27AM CDT

Corn futures are 5 to 15 cents per bushel lower in the aftermath of the Monday USDA data dump. They were limit down on Monday as USDA’s crop estimate was much different than trade estimates. Expanded limits of 40 cents per bushel are in effect today. The USDA report showed planted acreage down 1.7 million acres from July at 90.005 million acres with harvested acreage at 82.017 mac (down 1.6 mac). Data from FSA showed producers enrolling in 11.211 million acres of prevent plant for corn as of August 1. NASS also raised yield by 3.5 bpa to 169.5 bpa, which took production to 13.901 bbu, up 26 mbu from July. Analysts were expecting a ~700 mbu drop. Old crop US carryout was raised by 20 mbu to 2.36 bbu, with new crop up 171 mbu to 2.181 bbu. World ending stocks were slightly lower at 328.58 MMT for old crop, as new crop was up 8.8 to 307.72 MMT. After the close yesterday, NASS reported 90% of the US corn crop silking (97% avg), 39% in the dough stage (61% average), and 7% dented (16% avg) as of Sunday. Crop ratings were unch at 57% gd/ex and 351 on the Brugler500 index.

--provided by Brugler Marketing & Management

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