Corn price action is showing fractional to penny losses so far on Thursday morning. Futures managed to hold onto some strength on Wednesday, as contracts closed fractionally to a penny higher. Preliminary open interest was down 2,381 contracts on Wednesday. The CmdtyView national average Cash Corn price was up ½ cent to $3.94 1/2.
USDA's armchair estimate for the US corn balance sheet was released via this morning’s Ag Outlook Forum. Acreage was estimated at 94 million acres, a drop of 4.8 million acres if realized this spring and below estimates. Corn production was estimated to total 15.755 bbu, with trend yield pegged at 183 bpa.
