Corn futures are trading 2 to 3 cents weaker so far for Tuesday.Â
USDA reported 550,585 MT of corn was exported during the week that ended 10/5. That was a 120k MT drop for the week but was 100k MT above the same week last year. USDA also included 145k MT of delayed data for a 3.244 MMT season total. That is now 14% ahead of last year’s pace.Â
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.Â
| Dec 23 Corn | is at $4.85 1/4, down 3 cents, |
| Nearby Cash | is at $4.52, down 3 1/8 cents, |
| Mar 24 Corn | is at $5.00 1/4, down 3 1/2 cents, |
| May 24 Corn | is at $5.08 1/2, down 3 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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