Overnight corn trading has prices 2 to 4 cents lower this morning, Corn dropped after the Tuesday USDA reports, recovering a few cents coming into the close. Prices were 6 1/4 to 10 1/2 cents weaker on the day, with Dec closing at the lowest price since 9/21.
The weekly Crop Progress update from NASS showed 94% of the 2021 crop was mature as of 10/10. That was up from 88% last week and compares to the 5-yr average of 86%. Harvest had progressed 12% points through the week, to now 41% complete. The average pace is to be 31% cut at this time. USDA also reported condition ratings improved slightly, to 355 on the Brugler500 Index vs. 353 last week.
The October NASS report put average corn yield at 176.5 bpa, compared to the 175.9 bpa average guess and 176.3 bpa last month. At the state level, NASS sees record yields in 2021 for CA, ID, IL, IN, KY, MI, NY, NC, OH, OK, and PA.
With the yield boosts, USDA has corn production at 15.019 bbu – the trade was looking for 14.973. Ending stocks were 92 mbu higher at 1.5 billion.
Dec 21 Corn closed at $5.22 1/2, down 10 1/2 cents, down 3 ½ this morning
Nearby Cash was $5.01 on Tuesday, down 10 1/4 cents,
Mar 22 Corn closed at $5.32, down 10 1/4 cents, down 3 ¾ this morning
May 22 Corn closed at $5.37 1/2, down 10 cents, down 3 ¾ this morning
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