Corn futures posted marginal losses on Tuesday, with contracts down 1 to 2 cents across the board. The CmdtyView national average Cash Corn price was down a penny at $4.07 3/4.
Monday’s Crop Progress report showed 94% of the US corn crop silking by August 9, with 61% in the dough stage, 6 percentage points ahead of normal. The crop was also 16% dented. US condition ratings were steady this week at 61% in good to excellent condition, as the Brugler500 index was also unchanged at 356. Deterioration was noted in ND (-26), MI (-13), MN (-8), WI (-7), IA (-6), SD (-3). Some improvement was seen in IN (+4), KS (+5), NE (+8), and TN (+1).
Ahead of Wednesday’s Crop Production report from NASS, a Reuters survey of analysts shows expected yield at 182.4 bushels per acre, with a range of 180.5 to 184.8 bpa. Production is estimated at 15.934 bbu, as harvested acres are expected to be trimmed by 76,000 acres. Ending stocks are seen at 1.999 bbu for old crop, down 21 mbu from last month. New crop stocks are expected to be down 65 mbu to 1.725 bbu.
ANEC estimates the August Brazilian corn export total at 5.17 MMT, up from the 4.08 MMT estimate last week.
Sep 26 Corn closed at $4.36 3/4, down 1 1/2 cents,
Nearby Cash was $4.07 3/4, down 1 cents,
Dec 26 Corn closed at $4.60 1/2, down 1 1/4 cents,
Mar 27 Corn closed at $4.76, down 1 1/4 cents,
New Crop Cash was $4.11 1/1, down 1 cent,
