USDA raised U.S. corn yield and ending stocks increased by 40 million. Quarterly stocks were the highest on record and we continue to swim in old-crop supply.
South American production was left "unchanged" as many had hoped to see a slight reduction. Global ending stocks pushed higher, while corn market posts fresh new contract low.
- Total U.S. production was reported at 14.604 vs 14.578.
- Yield was reported at 176.6 vs 175.4 last month
- Harvested Acres were 82.703 down from 83.119.
- Feed demand lowered -25 million bushels, exports, and ethanol unchanged.
- Ending stocks were reported at 2.477 from 2.437 billion.
- Dec 1 quarterly stocks were reported at 12.516 vs. 12.386 last year.
- Brazil production "unchanged" at 95.00 MMTs
- Argentine production "unchanged" at 42.00 MMTs
- Global Ending stocks reported at 206.6 vs. 204.08