Corn Holding Steady Following Another Acreage Hike

Core Insights - Corn futures are experiencing slight gains, attributed to an increase in acreage to a record level [1] - The USDA's Crop Production report indicates a decrease in yield but an increase in both planted and harvested acreage, leading to higher production figures [2] Group 1: Production and Acreage - The USDA reported a yield of 186.7 bushels per acre (bpa), a decrease of 2.1 bpa from August [2] - Planted acreage increased by 1.47 million acres to a record 98.728 million acres, while harvested acreage rose by 1.356 million acres [2] - Total production increased by 73 million bushels (mbu) to 16.814 billion bushels (bbu) [2] Group 2: Stocks and Demand - The 2024/25 US stocks were revised up by 20 mbu to 1.325 bbu, exceeding estimates for a 6 mbu increase [2] - New crop carryout decreased by 7 mbu to 2.11 bbu, with demand raised by 100 mbu due to increased exports [2] Group 3: Global Context - On the global front, the USDA raised the old crop number by 1.07 million metric tons (MMT) to 284.18 MMT, driven by a 3 MMT increase in Brazil's output [3] - New crop world stocks decreased by 1.14 MMT to 281.4 MMT [3]