Corn futures surged 4-5 cents after a bullish USDA report, with a national average cash corn price of $4.03 1/2. The monthly WASDE cut US ending stocks by 125 mbu to 2.029 billion bushels, mainly from increased exports. World ending stocks dropped to 279.15 MMT, with notable cuts in Ukraine output.

CFTC data showed corn speculators reducing their net short position by 17,990 contracts to 71,516 contracts. South Korea imported 132,000 MT of corn, Brazil’s December export projection increased to 6.3 MMT, and Argentina lowered corn export tax to 8.5%. Corn prices closed higher at $4.40 3/4 for Dec 25, $4.03 1/2 for Nearby Cash, $4.48 for Mar 26, and $4.55 1/2 for May 26.

Read more at Yahoo Finance: Corn Pops Higher on Tuesday, as USDA Cuts Ending Stocks