Corn prices started of Wednesday with overnight weakness, as Dec dropped to as much as 6 cents lower. A short lived rally took the market back to UNCH, but the AM quotes are back to 4-5 cents in the red. July futures are holding onto a fractional gain. After a back and forth session, the corn futures market was in the black at the Tuesday close. July futures were near the high for the day and ended with a 10 1/2 cent gain. The Dec contract traded within a 13 3/4 cent range and netted a 4c gain.Â
The Barchart initial cmdtyView Corn Yield estimate is for a 177.92 bpa average. 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 on Friday. 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
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Jul 23 Corn  closed at $6.08, up 10 1/2 cents, currently up 1/4 cents
Nearby Cash  was $6.38 1/2, up 9 3/4 cents,
Sep 23 Corn  closed at $5.34 1/2, up 4 1/4 cents, currently down 4 1/4 cents
Dec 23 Corn  closed at $5.41, up 4 cents, currently down 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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