Corn futures are trading 8 3/4 to 10 1/2 cents lower in the nearby contracts post report. In this morning’s USDA supply and demand report, the US corn yield was raised 0.4 bpa to 169.9 bpa, running against most trade expectations. This caused production to jump 31 mbu to 14.184 bbu. The US 17/18 ending stocks number was increased 62 mbu to 2.335 bbu, while old crop ending stocks dropped 20 mbu to 2.35 bbu. On the world side of things, the USDA shifted 17/18 world ending stocks +1.6 MMT to 202.47 MMT. The USDA Crop Progress report showed 5% of the US corn crop has been harvested, vs. the average of 6%. In addition, corn conditions were unchanged from last week at 61% gd/ex.

Sep 17 Corn is at $3.36 3/4, down 8 3/4 cents,

Dec 17 Corn is at $3.47, down 10 1/2 cents,

Mar 18 Corn is at $3.59 3/4, down 10 cents

May 18 Corn is at $3.67 1/2, down 10 1/4 cents

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