Corn futures are slipping lower so far on Friday following a yield hike by the USDA. Tighter, as expected, overall stocks are helping to ease the bull’s pain, with contracts down 1 to 3 cents at midday. The national average Cash Corn price from cmdtyView is down 1 1/2 cents at $3.84 per bu.

USDA reported private sales of 577,928 MT of corn to unknown destinations during the reporting period via their daily reporting system this morning.

This morning’s Crop Production report showed corn yield increased by 0.2 bpa to 183.8 bpa compared to estimates of a slight reduction. That raised production by 17 mbu to 15.203 bbu. The larger output was offset by a 25 mbu increase to exports. When mixed with the 52 mbu lower carryover from 2023/24 stocks, the new crop carry dropped 58 mbu to 1.999 bbu. 

On the world balance sheet, the South American numbers were left unchanged, with the world stocks down by 1.83 MMT to 306.52 MMT thanks to the US cut. 

The Buenos Aires Grain Exchange estimates the Argentina corn crop at 18.6% planted as of 10/9, above the same time last year but below the average pace.

Dec 24 Corn is at $4.17, down 1 1/2 cents,

Nearby Cash is at $3.84, down 1 1/2 cents,

Mar 25 Corn is at $4.34, down 2 1/4 cents,

May 25 Corn is at $4.42 3/4, down 2 1/4 cents,

New Crop Cash is at $3.94 3/4, unch,