Corn Ends Unchanged Following USDA Report

Sep 13, 3:35 pm | Corn | Share this:

8Corn traded higher overnight and was positive through most of the day, though late day selling put December through May contracts back to unchanged at the close. Funds were estimated sellers 5,000 contracts at midweek.

  The latest update to the Brazilian corn lineup shows just over 1.7 MMTs have sailed in September, with another 3.2 MMTs that are scheduled to sail by months end. If realized, total exports of 5 MMTs would be just under August exports, but still more than double last year and the largest September export figure on record. Cumulative Mar-Feb exports at just over 15 MMTs would also be a record shipment pace. Brazil is in the process of shipping out a monster crop, though the USDA has already accounted for slower US exports in it’s balance sheet, with US trade to fall 19%.

  We remain neutral corn, with downside risk limited ahead of harvest. The market awaits actual harvest results to determine if the USDA’s yield is still too high.