Corn prices are showing slight weakness on Monday morning, steady to a penny lower. Futures closed out the Friday session with contracts 2 ¾ to 5 cents lower, selling the fact on the lower yield number. Open interest was up 20,115 contracts on Friday, mainly in the March – July contracts. December was down 6 ½ cents on the week. There were 35 deliveries issued on Friday against September futures, which expire today. The CmdtyView national average Cash Corn price was down 3 1/4 cents at $4.84 3/4.
The monthly Crop Production report from NASS showed US corn yield down 2.2 bpa to 178.5 bpa, and in line with trade estimates. Production was down 213 mbu from August at 15.8 bbu as harvested acres were trimmed by 87,000 acres to 85.506 million acres.
