Corn

Corn futures are trading 1/2 to 1 cents lower this morning after posting fractional to 1 1/4 cent gains on Monday. The trade is expecting modest reductions in US average yield and ending stocks in this morning’s USDA reports. The USDA Crop Progress report showed 5% of the US corn crop has been harvested, vs. the average of 6%. In addition, 21% was reported mature, a full 10% behind the average pace. The report had corn conditions unchanged from last week at 61% gd/ex, with a Brugler500 Index of 357. Monday morning’s USDA Export Inspections report indicated corn shipments of 662,173 MT. That is 19% lower than last week and 30.62% behind last year.Analysts are expecting the USDA to show new crop world ending stocks nearly 3 MMT lower than August at 197.8 MMT.




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