Corn futures are showing a slight pullback to start the Monday trade, with 1 to 2 cent losses. A yield cut from the USDA earlier on Friday helped futures to close the day with fractional to 3 ¾ cent gains. December managed a 16 ½ cent jump last week. The national average Cash Corn price from cmdtyView was up 4 cents at $4.04 1/2 per bu. 

USDA’s Crop Production report saw a reduction in yield by 0.7 bpa to 183.1 bpa. The harvested acreage was left unchanged this month, as expected. That took production down 60 million bushels to 15.143 mbu. 

A smaller output helped to tighten down the projected stocks total by 61 mbu to 1.938 bbu, as the World Ag Outlook Board chose to leave the demand side of the balance sheet alone. That was despite the robust ethanol production and export business to start the year. On the world side, South American production was left unchanged, with world ending stocks down 2.38 MMT to 304.14 MMT. 

CFTC data from after the close showed spec funds in corn futures and options flipping to a net long of 22,043 contracts in the week that ended on November 5. That was a move of 39,746 contracts to the long side and the first net long for the managed money crowd since August 2023. Commercials were adding to their net short position by 24,794 contracts to the largest since June 2023 at -242,949 contracts. 

Brazil’s first corn crop was pegged at 72% planted as of last Thursday according to AgRural.

Dec 24 Corn  closed at $4.31, up 3 1/2 cents, currently down 1 1/2 cents

Nearby Cash  was $4.04 1/2, up 4 cents,

Mar 25 Corn  closed at $4.44 1/4, up 3 3/4 cents, currently down 2 cents

May 25 Corn  closed at $4.51 1/2, up 3 3/4 cents, currently down 2 cents