Corn Market Mostly 3 Cents Lower on Huge Brazil Crop
BRUG - Mon May 13, 7:26AM CDT

Corn futures are mostly 3 cents lower this morning. They were steady to 2 cents lower in the front months and higher in some 2020 contracts on Friday. July futures lost 5.12% for the week. USDA hiked estimated old crop corn stocks 60 mbu to 2.095 bbu. Their initial new crop carryover projection is 2.485 bbu, a 390 mbu jump from the 2018/19 number. Production was estimated at 15.03 bbu based on a weather adjusted trendline yield of 176 bpa. Brazil corn production was raised 4 MMT to 100 MMT, with Argentina up 3 to 49 MMT. The old crop ending stocks estimate jumped 11.93 MMT to 325.94 MMT. New crop carryover for 2020 was projected at a smaller 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. Trade ideas for US corn planting progress are in the 35-37% range vs. 69% average for this date.

--provided by Brugler Marketing & Management

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