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Corn futures fell 9 to 11 cents at midday following the USDA’s latest Crop Production report, which revealed a corn yield of 186 bushels per acre (bpa), a marginal decrease of 0.7 bpa from September. The report cut total corn output by 62 million bushels (mbu) to 16.752 billion bushels (bbu), underperforming traders’ expectations of a 184 bpa yield.
Additionally, the USDA projected a 207 mbu increase in the 2024/25 carryout number to 1.532 bbu, raising total 2025/26 supply to 18.309 bbu. World corn ending stocks were estimated at 281.34 million metric tons (MMT), a slight reduction of 0.06 MMT from September, primarily due to a 3.16 MMT cut from China’s estimates.
As of midday trading, December corn was priced at $4.30 ¾, down 10 ¾ cents, while nearby cash stood at $3.92 ¾, down 10 ½ cents.
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