Corn futures settled 4 ¼ to 5 ½ cents lower on Tuesday, giving back some but not all of their post-USDA report Monday advance. The rapidly maturing crop and lack of typically seasonal decline in crop ratings for the week reinforced ideas of record or near record yields for some traders.
USDA reported a sale of 137,160 MT of corn to Mexico for 2024/25 shipment this morning under the daily reporting system.
Yesterday’s Crop Production report contained a national yield estimate of 183.1 bpa, a US record. That was mainly due to record state yields projected by NASS for IA, IL, IN, NE, SD, WI, MI, LA, WA and ID. The growth in US production was limited because of a reduction in estimated US harvested acreage. NASS used FSA data in August for the first time to adjust state acreage numbers. Historically it has taken longer to assemble statistically significant data, but the computers and processing are faster nowadays!
CONAB revised the 2023/24 Brazilian corn crop 0.21 MMT lower at 115.65 MMT this morning. They still don’t agree with USDA, which used a 122 MMT number in their monthly WASDE report on Monday.
Sep 24 Corn closed at $3.77 3/4, down 5 1/2 cents,
Nearby Cash was $3.65 7/8, down 5 3/4 cents,
Dec 24 Corn closed at $3.97 1/4, down 4 1/4 cents,
Mar 25 Corn closed at $4.14 3/4, down 4 1/4 cents,
New Crop Cash was $3.59 7/8, down 5 cents,
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