Corn Highlights June 11, 2015 June 11, 2015
- June 10 - Taiwan Sugar Corp. bought 23,000 MT of US corn and 12,000 MT of US soybeans for October shipment
- June 9 - Israel bought up to 115,000 MT of optional origin corn at 188-189 $/t c&f for July-Sept shipment
- China to auction 5.3 MMT of corn from reserves today and Friday. Last week China sold 332 TMT of corn at last week's auction
- US Ethanol production was up 20,000 barrels per day to the record of 992,000 barrels per day for the week ended June 5. Stocks rose 178,000 barrels to 20.25 million barrels
- Citing reduced ethanol production, USDA raised its US 2015/16 ending stocks estimate for corn to 1.771 billion bushels from 1.746 BB (1.779 BB - average estimate) and its 2014/15 ending stocks view to 1.876 BB from 1.851 BB (1.859 BB - average estimate).
- USDA projected global corn production in 2015/16 at 989.3 MMT down 0.5 MMT from previous estimate and vs. 999.4 MMT in 2014/15, as reduced projections for Zambia, Zimbabwe, Nepal, and the EU offset a larger forecast crop in Russia
- USDA raised 2015/16 world corn inventories to 195.2 MMT from May estimate of 191.9 MMT and vs. average expectation of 191.9 MMT, but slightly below last year stocks of 197 MMT