Corn Lower on Increased Supply Concerns
BRUG - Fri May 10, 5:26PM CDT

Corn futures closed Friday with most contracts steady to 2 cents lower in the front months and higher in some 2020 contracts. July futures lost 5.12% this week. The barrage of USDA data showed old crop corn ending stocks 60 mbu higher than in April at 2.095 bbu. Their initial new crop projection is 2.485 bbu, a 390 mbu jump from the current 18/19 number and near the top end of the wide range of pre-report estimates. Production was estimated at 15.03 bbu based off a 176 bpa yield. Brazil corn production was raised 4 to 100 MMT, with Argentina up 3 to 49 MMT. World corn production for 18/19 was up 12 MMT, mainly from South America, which when mixed with lower feed use caused expected carryout to jump 11.93 MMT at 325.94 MMT. New crop carryover for 2020 was projected at 314.71 MMT. The Friday afternoon Commitment of Traders report showed managed money specs in corn futures and options trimming their net short position as of May 7 by 24,372 contracts to 282,327 contracts.

May 19 Corn closed at $3.42 1/2, down 2 cents,

Jul 19 Corn closed at $3.51 3/4, down 1 1/2 cents,

Sep 19 Corn closed at $3.61, down 1 cent

Dec 19 Corn closed at $3.72, down 3/4 cent

--provided by Brugler Marketing & Management

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