Corn Pulling Back on Monday Morning Following Friday Rally

Core Insights - Corn prices have shown a slight decline of 3 to 4 cents recently, but futures closed strong with gains of 10 to 11 cents in the front months, indicating renewed buying interest [1] - The USDA's Crop Production report revealed a yield of 186.7 bushels per acre (bpa), a decrease of 2.1 bpa from August, while production increased by 73 million bushels (mbu) to 16.814 billion bushels (bbu) [2] - Global corn stocks were adjusted, with old crop numbers raised by 1.07 million metric tons (MMT) to 284.18 MMT, primarily due to increased output in Brazil [3] Price and Market Data - September 25 corn closed at $3.99, with nearby cash prices at $3.85 1/2, reflecting an increase of 10 1/2 cents [4] - December 2025 corn closed at $4.30, up 10 1/4 cents, while March 2026 corn closed at $4.47 1/4, also showing a gain of 10 cents [4] Production and Demand Insights - The USDA report indicated an increase in planted acreage by 1.47 million acres to a near-record 98.728 million acres, with harvested acreage up by 1.356 million acres [2] - The new crop carryout was reduced by 7 mbu to 2.11 bbu, with demand for exports raised by 100 mbu [2] - Brazil's first corn crop in the south center region is estimated at 25.48 million tons, an increase from 24.73 million tons last year [3]