Corn futures are trading UNCH to 1/2 cent lower after falling 5 to 6 3/4 cents following the bearish November USDA update yesterday. The big story on Thursday was the USDA raising their 17/18 US corn yield projection 3.6 bpa to an all time record to 175.4 bpa. That change bumped the 2017 US production total 298 mbu to 14.578 bbu. US ending stocks were hiked but the increase was limited by larger exports and feed and residual, up 75 mbu each. The world ending stocks number was updated to 203.86 MMT, up 2.9 MMT. Thursday morning’s Export Sales report showed weekly shipments of just 489,835 MT, well short of this time last year. China announced that they would remove their 11% value added tax on imports of DDGS, but will leave the 53.7% anti-dumping tariff against US firms in place.

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