CORN: MIXED
The corn market traded higher most of the night, but then the crop report had a little something for everyone. Within a few minutes of the open we had a 33-cent trading range in corn. The USDA only lowered harvest acres 1.5 MA. The yield was put at 123.4, giving us a production number of 10.779, down 2.191 BB from the last report. Carry in was increased 118 MB. On the demand side, feed was reduced 725 MB to 4.075 BB. FSI was reduced 470 MB to 5.850 BB. Exports were lowered 300 MB to 1.3 BB, so total demand was down 1.495 BB. Carryout was reduced to 650 MB, down 553. A lot of numbers, but the bottom line is we are cutting off demand to meet production. World carryout is down nearly 11 MMT. This puts us in a $8.50 to $7.50 trading range for a while until we assess what demand really is.

Kyle Smith, Mike O'Dea, Ben Parks, Collin Hulse, Ingrid Gronlund