Corn Futures Fade on Thursday

After weakness earlier in the Thursday session brought futures down ~9 cents, the board firmed up for the close. Going home, prices were off their lows but still 2 1/4 to 2 3/4 cents weaker. December corn futures on the CBoT have bounced 18% from the late July low, but remain 13.4% under the May high. 

Dalian Corn Prices were 2,740 yuan/MT (~ $10/bu) at the close yesterday. That is up 7.5% from the low into August, but still down 10% from the April high. 

Ahead of the WASDE report scheduled for Monday, estimates show analysts expect USDA to lower the corn yield by an average of 3 bpa to 172.4. The high end estimate expects a half bushel cut with the lowest published estimate looking for 170 flat. Acreage estimates range 800k lower to 300k higher for a trade average production guess of 14.089 bbu. USDA’s August output forecast was 14.359 bbu. 

Brazil’s CONAB trimmed their 21/22 corn crop by 1.2 MMT to 113.3 MMT in their Sep report. 

Census data showed 4.583 MMT of corn was exported during July. That was down from 5.476 MMT during the same month last season. 

Sep 22 Corn  closed at $6.74 1/2, down 2 1/4 cents,

Nearby Cash   was $6.75 1/1, down 3 7/8 cents,

Dec 22 Corn  closed at $6.68 1/2, down 2 1/2 cents,

Mar 23 Corn  closed at $6.73 1/4, down 2 1/2 cents,