Corn prices were down around 4 cents at midday, and that is about where they closed, 4 ¼ to 5 ¼ lower.
Ahead of Thursday’s WASDE update from USDA, the trade is expecting to see the US carryout projection trimmed by ~63 mbu to an average estimate of 2.109 bbu. The range of estimates runs from as low as 2.02 billion to 2.191 billion bushels.
On the world side, the trade is expecting to see a 1.4 MMT cut to the Brazil production number at 122.6 MMT, with the Argentine number down 0.2 MMT to 55.8. World ending stock are expected to shrink by 2.5 MMT to 317.1 MMT on the smaller US projection and lower South American Production numbers.
May 24 Corn closed at $4.31 1/4, down 4 1/4 cents,
Nearby Cash was $4.12 1/8, down 4 cents,
Jul 24 Corn closed at $4.42 1/2, down 5 cents,
Dec 24 Corn closed at $4.68 1/4, down 4 3/4 cents,
New Crop Cash was $4.31 3/4, down 4 7/8 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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