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Corn futures bounced on Tuesday’s production data. Today’s USDA Crop Production report stated the forthcoming corn crop at 14.032 billion bushels, which fell moderately below the average of analyst estimates. Global carryout on the WASDE report also fell short of expectations, thereby causing corn futures to edge upward by the end of the day. September corn settled 1.75 cents higher at $3.585/bushel Tuesday, while December crept up 0.75 to $3.69.
The soy complex fell in response to the USDA numbers. Although the U.S. soybean production and global carryout estimates on today’s reports fell short of industry forecasts and looked supportive of soybean futures, the soy complex reacted bearishly. The selling reflected larger domestic carryout figures for this year and next than were anticipated. Traders also think the USDA production numbers will grow on autumn reports.