Corn Gives Back 3 Cents

The corn futures market is 3 cents lower this morning. On Monday, corn futures closed 1/2 to 2 1/2 cents higher. The average of analyst estimates is for 2.266 bbu of corn stocks on Sept 1. The Grain Stocks report will be out on Wednesday. After yesterday’s close NASS reported 75% of US corn was mature as of 9/27, with 15% harvested. Corn harvest in NE is 4% points ahead of average and ahead by 7 ppts in IA, but 9 points behind average in IL and 4 points behind in OH. NASS showed corn condition ratings were UNCH on the Brugler500 @ 356. Ohio, ND, KY and MO improved, but were offset by drops in Indiana, IL, MI, and NE. The weekly Export Inspections report showed 31.76 mbu of corn shipped on the week ending 9/24. That was 1.61 mbu more week to week and 15.15 mbu above the same week last year. Accumulated corn exports were 109.57 mbu through the 24th. Coceral lowered its EU plus Britain corn production estimate 1.8 MMT to 62.8 citing dryness.

--- provided by Brugler Marketing & Management




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