United States corn production up, South America unchanged — WASDE

Galtero Lara
Enero 14, 2018

The U.S. Agriculture Department on Friday boosted its estimate of domestic corn production due to a record yield that stemmed from bumper harvests in major growing states such as IL as well as some of the smaller production areas.

Chicago soybean futures fell to a four-month low on Thursday ahead of U.S. Department of Agriculture data due on Friday that was expected to show bigger U.S. stockpiles and higher Brazilian soy output.

With only modest tweaks to demand, USA ending stocks also rose 40 million bushels to 2.477 billion bushels, higher than most analysts were expecting, but comfortably within a range that spanned 2.263 billion to 2.550 billion bushels. USDA said that both corn and soybean stocks as of December 1 were the highest on record.

While the USA planted area and harvested area were moved down following a long, protracted harvest, the effect was not enough to fully redress bigger stocks and production, which once again underlined that there is no shortage of corn in the world. The increased production forecast is the result of increased yield projections, with the national average now projected at 176.6 bushels per acre.

Soybean production was pegged at 4.392 billion bushels, down from the USDA's last estimate of 4.425 billion bushels.

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Commodity funds were net sellers of CBOT soybean, soymeal, soyoil and corn futures contracts on Thursday and net buyers of wheat, traders said. The average yield was cut to 49.1 bushels per acre from 49.5 bushels per acre.

Wheat is up about half a percent this week, having risen 3.6 percent in four weeks of positive moves and corn is down 0.7 percent, the biggest weekly fall in a month.

Ending stocks were reported at 2.477 from 2.437 billion. Brazil's 2016-'17 corn exports are reduced based on observed shipments to date for the local marketing year, which started in March. USDA boosted the domestic soybean ending stocks forecast to 470 million.

CBOT March wheat eased to a session low of $4.28-1/4 per bushel in the wake of the export data before paring losses to $4.33-1/2, down 3/4 cent.

Additionally, USDA in its daily export sales reporting system announced a sale of 320,000 tonnes of US corn to unknown destinations - the largest one-day sale of corn since November.

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