October 12, 2017 – USDA World Supply and Demand Estimates
Market Reaction: December 2017 corn futures closed up 3 cents at $3.49 with a trading range for the day of $3.42 ½ to $3.54. December 2018 corn futures closed up 2 ½ cents at $3.94 ¾ with a trading range for the day of $3.89 ¼ to $3.99 ¾. The December 2017 contract set a new low at 11am when the report was released, however prices increased 11 cents in the minutes after the report was released before retreating throughout the remainder of the day to close up 3 cents. Yield was increased 1.9 bu/acre (bearish), harvested acreage was decreased 400,000 acres (bullish), and total use was increased 35 million bushels (bullish). At the end of the day, US ending stocks were projected up 5 million bushels at 2.34 billion (bearish) and foreign stocks were projected down 65 million bushels at 5.571 billion (bullish). Continue reading for additional comments and Profitability Outlook update at Supply & Demand Estimates and Profitability Outlook.