Corn futures were pushing higher for a turnaround Tuesday, but the market has slipped off its highs into midday. July is still up by 5 1/2 cents, 7 off the high, while the new crop prices are 2 to 3 1/4 cents in the red.Â
The Barchart initial cmdtyView Corn Yield estimate is for a 177.92 bpa. Taking that off 84.24m harvested acres left their production forecast at 14.988 bbu.
Survey respondents would not be surprised if USDA trimmed the projected 23/24 corn crop. The average trade guess is to see a 30 mbu trim to 15.235 billion, though the lowest estimate cuts production by 290 mbu. The average trade guess for yield is 0.2 bpa lower at 181.3 from UNCH to 1.5 smaller. Estimates for new crop carryout range from a 192 mbu cut to a 148 mbu boost. The average trade estimate is to see 2.237 bbu.Â
The weekly Crop Progress report from NASS had 96% of the 23/24 crop planted compared to 91% on average. National emergence reached 85%, ahead of the 77% average pace. NASS marked conditions at 64% good/ex for a Brugler500 score of 368. That was down 6 points from the initial ratings, as only 3 of the tracked states improved.Â
Jul 23 Corn  is at $6.03 3/4, up 6 1/4 cents,
Nearby Cash  is at $6.34 5/8, up 6 cents,
Sep 23 Corn  is at $5.29 1/4, down 1 cent,
Dec 23 Corn  is at $5.35 3/4, down 1 1/4 cents,
On the date of publication, Alan Brugler 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.
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