Corn futures are 1 ¼ to 2 ½ cents softer in early Tuesday market activity. Following a risk premium injection following the Hamas attack, corn futures calmed down and ended Monday with 3 to 3 ¾ cent losses. December closed 8 ¾ cents off the session high.
The weekly Export Inspections report and the Crop Progress update were delayed until today because of the Columbus / Indigenous Peoples’ Day federal holiday.
Ahead of the October WASDE and Crop Production reports analysts are looking for a slight reduction to both yield and acreage for a net 20.9 mbu corn production loss on average. The full range of estimates is to see between a 1.8 bpa yield loss and a 1.7 bpa boost with output ranging from 14.95 bbu to 15.28 bbu. Domestic ending stocks are anticipated to come down by 73 mbu to 2.148 bbu. At the average of estimates, that would carry a net demand loss with the 68 mbu tighter carry-in and the projected 20.9 mbu lighter production.
Dec 23 Corn closed at $4.88 1/4, down 3 3/4 cents, currently down 1 3/4 cents
Nearby Cash was $4.55 1/8, down 3 1/2 cents,
Mar 24 Corn closed at $5.03 3/4, down 3 1/2 cents, currently down 1 3/4 cents
May 24 Corn closed at $5.12, down 3 1/4 cents, currently down 2 1/2 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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