U.S. corn production

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DailyGraphCorn1Friday’s WASDE report showed the following figures:  U.S. Corn yield came in well above expectation at 175.1bu/acre vs prev 168 and vs expected 170.6; U.S. corn production came in at 15.13bil bu vs prev 14.54bil bu and well above the expected 14.76bil bu.  The USDA increase production figures significantly but then also increased demand figures.  U.S. corn ending stocks however remains significantly higher than expected at 2.409bil bu and vs prev 2.081bil bu and vs expected 2.255bil bu.  The DEC16CORN contract, (ZCZ2016) traded in Chicago, plunged lower after figures were released.  Losses were however soon recovered before the end of the session as the market shrugged off the significant figures in unbelief