
After Turnaround Tuesday weakness, the midweek session begins with corn 2 cents lower. The Turnaround Tuesday fade was limited to 3 1/2 to 6 cents/bu. Preliminary open interest shows net selling interest in corn, rising 12,783 contracts on the day.
EIA data will be released shortly showing ethanol production for the week that ended 10/29. The last report showed production averaged just a few thousand barrels per day below the record.
Barchart’s updated corn output forecast calls for 15.357 bbu. That compares to their prior estimate of 15.351 bbu and USDA’s official October 15 bbu figure. Their new national cmdtyView Corn Yield is estimated at 182.8 bpa, while their prior guess was for 182.3. USDA’s official estimate from the October Crop Production report was 176.5 bpa. At the state level, Barchart has IL, IN, IA, and MN above 200 with MN as the highest state average yield of 208.87 bpa. Nebraska is estimated at 178.7 bpa, as the Dakotas are 118.9 and 150.2 bpa in North and South respectively.
Brazil’s AgRural cited first crop corn planting in the Center-South Districts at 63% complete, compared to 53% last week and 54% at this point last season.
Dec 21 Corn closed at $5.73, down 6 cents, down 2 ¾ cents this morning
Nearby Cash was $5.55 5/6 on Tuesday, down 5 5/8 cents,
Mar 22 Corn closed at $5.81 1/4, down 5 3/4 cents, down 2 cents
May 22 Corn closed at $5.85 1/2, down 5 cents, down 2 cents