Corn futures are showing fractional gains so far on the Friday session, following another acreage increase to a now record number. There were 48 deliveries issued against September corn futures overnight. The CmdtyView national average Cash Corn price is up 1/2 cent at $3.76 1/2.
USDA’s monthly Crop Production report showed yield at 186.7 bpa, a 2.1 bpa drop from what wat reported in August. Acreage was raised another 1.47 million acres on the planted side (a record 98.728 million) and 1.356 million on the harvested side, with production up 73 mbu to 16.814 bbu. As for the WASDE, 2024/25 US stocks were 20 mbu higher 1.325 bbu vs. estimates for a 6 mbu increase. With the production increase, new crop carryout was down 7 mbu to 2.11 bbu, with demand raised on a 100 mbu increase to exports.
