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Corn futures showed strength on Friday, with contracts rising 10 to 11 cents, while December corn closed with a 12 cent gain for the week. The national average Cash Corn price increased by 10.5 cents to $3.85 1/2. The USDA reported a corn yield of 186.7 bushels per acre (bpa), a 2.1 bpa decrease from August, with planted acreage rising by 1.47 million acres to nearly 98.728 million.
US corn production increased by 73 million bushels (mbu) to 16.814 billion bushels (bbu), resulting in a new crop carryout decrease of 7 mbu to 2.11 bbu. Global corn stocks for the old crop were raised by 1.07 million metric tons (MMT) to 284.18 MMT, attributed to a 3 MMT rise in Brazilian output, while new crop world stocks decreased by 1.14 MMT to 281.4 MMT.
As of September 9, the Commodity Futures Trading Commission (CFTC) reported an addition of 8,442 contracts to speculative corn futures positions, bringing the net short position to 99,929 contracts.
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