Corn Bouncing on Wednesday AM
Corn prices are trading 1 to 3 cents higher so far on Wednesday morning. Futures ended the Tuesday session with weakness. Contracts closed out the day with losses of anywhere form 1 ¼ to 4 ¾ cents across the board, led by the nearbys. There were another 62 deliveries issued against September futures overnight.
Ahead of the Thursday USDA reports, analysts expect to see NASS cut corn yield by 0.4 bushel per acre to 182.7 bpa. With harvested acres thought to be left unchanged, the production total is seen as 42 million bushels lower at 15.105 billion bushels.
US ending stocks are expected to be down ~8 mbu to 1.859 bbu for the old crop figure. New crop is seen dropping by 41 mbu to 2.032 bbu according to a Bloomberg survey, mainly due to the smaller production.
NASS reported on Monday condition ratings slipping 1% to 64% gd/ex. The Brugler500 index remained unchanged at 364. By state, OH saw a rebound of 27 points on the week, with MO and IL up 7 points. Ratings also improved in SD by 3 points, with IA up 2 and NE a point better. There were just 3 of the 18 states that saw deteriorating conditions, with KS down 15 points, and MI and MN both dropping 10 points.
Sep 24 Corn closed at $3.79 1/2, down 4 3/4 cents, currently up 1/4 cent
Nearby Cash was $3.69 1/1, down 2 3/4 cents,
Dec 24 Corn closed at $4.04 1/4, down 3 cents, currently up 2 1/2 cents
Mar 25 Corn closed at $4.23 1/4, down 2 3/4 cents, currently up 1 3/4 cents
New Crop Cash was $3.69 1/1, down 2 3/4 cents,
On the date of publication, Austin Schroeder 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.