Corn Market News and Commentary

Corn futures are trading 1/2 to 1 1/4 cent per bushel higher this morning. They saw a little “sell the rumor, buy the fact” action on Tuesday, but closed UNCH in the front months. Deferred contracts were steady a penny higher. USDA added 200 mbu to the 2018/19 ending stocks projection, taking it to 2.035 mbu. All three major demand categories saw reductions. On the world side, Argentina was hiked 1 MMT (now 47 MMT), and Brazil was boosted 1.5 MMT to 96 MMT. That added supply, coupled with rising US stocks, caused world carryout to be increased by 5.48 MMT to 314.01 MMT. Forecasts of wet and cold weather with heavy snow accumulations this week across the WCB were supportive to new crop.

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