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Corn futures were down 13 to 18 1/2 cents today following the USDA reports. Tweets have been flying, suggesting that today’s action might bring fewer corn acres to pass. Certainly the 18-cent losses don’t inspire more acres of a crop already widely expected to bring red ink to many producers. USDA Prospective Plantings report put national corn acreage at 89.2 million, down 1.8 million from last year and slightly above the average pre-report estimate. It’s a moving target at this point, with others arguing that South Dakota in particular appears undercounted. March 1 corn stocks, at 7.744 billion, were up from 7.006 billion at this time last year.
May 15 Corn closed at $3.76 1/4, down 18 1/4 cents,
Jul 15 Corn closed at $3.84 1/4, down 18 1/4 cents,
Sep 15 Corn closed at $3.92, down 18 cents
Dec 15 Corn closed at $4.00 3/4, down 17 1/2 cents