Corn Turning Weaker at Midday
Corn futures are showing losses of 2 to 3 cent across the front months on Tuesday’s midday. There were 119 deliveries issued against September corn futures overnight, taking the total since first notice day to 514.
Ahead of the Thursday USDA reports, analysts expect to see NASS cut corn yield by 0.4 bushel per acre to 182.7 bpa. With harvested acres thought to be left unchanged, the production total is seen as 42 million bushel lower at 15.105 billion bushels.
NASS reported on Monday that the US corn crop was 95% in the dough stage as of September 8, with 74% dented, both 1% ahead of normal. The crop was also reported at 29% mature, 5% above the 5-year average, with harvest running 2 percentage points ahead at 5%. Condition ratings slipped 1% to 64% gd/ex with the Brugler500 index remaining unchanged at 364 on a 1% improvement from good to excellent.
Sep 24 Corn closed at $3.81, down 3 1/4 cents,
Nearby Cash was $3.69 7/8, down 3 cents,
Dec 24 Corn closed at $4.04 1/4, down 3 cents,
Mar 25 Corn closed at $4.23 1/2, down 2 1/2 cents,
New Crop Cash was $3.69 7/8, down 3 cents,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.