Corn price action is down 3 to 4 cents so far. Futures closed with strength on Friday, as contracts were up 10 to 11 cents in the front months. Preliminary open interest rose 22,325 contracts suggesting new buying interest. December managed to close with a 12 cent gain last week. There were 36 deliveries against the expiring September contract on Friday, with the month’s total at 238. The CmdtyView national average Cash Corn price as up 10 1/2 cents at $3.85 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 near 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.
