Happy National Farmers Day!
December Corn finished down 8 1/2 at 337, 11 1/2 off the high and 1/2 up from the low. March Corn closed down 8 1/4 at 347. This was 1/2 up from the low and 11 off the high.
December corn posted a bearish outside day lower close today. The market did not see a rally to the upside like soybeans and wheat after the release of the USDA figures. On paper the yield and production estimates were neutral. The trade was focused on South American production numbers that showed Brazilian corn production up 1.0 million tonnes at 83.5 million and Argentina unchanged at 36.5 million tonnes. The USDA raised exports for both countries by 1.0 million tonnes. The feed use estimate of 5.650 billion bushels for corn was left unchanged, and many analysts look for that figure to be reduced.