Corn futures closed Tuesday with most contracts 3 1/2 to 6 cents lower but Dec did finish 6 cents off the intraday low. In the 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. Exports for 16/17 were increased 70 mbu to 2.295 bbu, with corn used for ethanol down 15 mbu. On the world side of things, the USDA shifted 17/18 world ending stocks +1.6 MMT to 202.47 MMT.

Sep 17 Corn closed at $3.40, down 5 1/2 cents,

Dec 17 Corn closed at $3.51 1/2, down 6 cents,

Mar 18 Corn closed at $3.63 3/4, down 6 cents

May 18 Corn closed at $3.72, down 5 3/4 cents

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