USA corn production up, South America unchanged — WASDE

USA corn production up, South America unchanged — WASDE

"Crop conditions looked relatively good all season, and looks can sometimes be deceiving, but in this case it wasn't", said David Knopf, director of the NASS Eastern Mountain Regional Office in Kentucky. Average corn yields were 176.6 bushels per acre. "Production was down from a year ago, based on fewer harvested acres, but ranks as the fifth largest corn crop grown in the state".

Ending stocks were reported at 2.477 from 2.437 billion.

Analysts expect the USDA crop data to show smaller US winter wheat plantings and a decline in USA corn ending stocks.

Grains prices at 0327 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 433.50 0.25 +0.06% -0.17% 426.61 58 CBOT corn 348.75 0.00 +0.00% -0.07% 350.93 40 CBOT soy 950.00 0.00 +0.00% -0.52% 977.75 27 CBOT rice 11.75 $0.02 +0.17% -1.30% $12.10 34 WTI crude 63.63 -$0.17 -0.27% +0.09% $59.25 78 Currencies Euro/dlr $1.205 $0.002 +0.13% +0.85% USD/AUD 0.7878 -0.001 -0.15% +0.46%. The consultancy in November forecast a 111-million-tonne harvest.

On average, most had expected Argentina to see a cut of 500,000 mt to 41.50 million, with Brazil seeing a trim of under 870,000 mt to 94.13 million.

Harvested Acres were 82.703 down from 83.119. "Soybean productivity has reached a new level given that four of the five highest yields have occurred in the last five years".

Chinese imports of soybeans jumped to the second-highest volume on record in December, according to Reuters calculations based on customs data, boosted by strong demand in the run-up to next month's Lunar New Year holiday.

The estimate for food, seed and industrial use is raised 10 million bushels, reflecting an estimated amount of corn used for glucose and dextrose during September-November that was above expectations.

Commodity funds were net sellers of CBOT soybean, soymeal, soyoil and corn futures contracts on Thursday and net buyers of wheat, traders said.

While the U.S. planted area and harvested area were moved down following a long, protracted harvest, the effect was not enough to fully redress bigger stocks and production, which once again underlined that there is no shortage of corn in the world. Average soybean yield was estimated at 49.1 bus per acre, down from 49.5 bus in November and from a record 52 bus in 2016. Area harvested is up eight percent from 2016 at 89.5 million acres. "Production was higher for all three tobacco types".

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