Corn futures are down 2 to 3 cents as the market trades through the midday part of the session. Contracts are 3 to 4 cents off the early lows, which saw several new life of contract lows put in.
Yield prospects still remain the topic of conversation after USDAs record projection from Monday. The market will be keeping an eye on several industry crop tours, whether digital, virtual, or in person that started this last week with some expected to start next week.
The weekly Export Sales report saw total commitments for the 2023/24 crop push to 55.817 MMT. That is 98% of USDA’s forecast total for the marketing year, with the 5-year average at 103% of that projection. Accumulated shipments have total 50.744 MMT, which is 89% of the projection, vs. the typical 96%. Actual Census data does show exports well ahead of the FAS data.
Sep 24 Corn is at $3.72 3/4, down 2 1/4 cents,
Nearby Cash is at $3.60 1/1, down 2 3/4 cents,
Dec 24 Corn is at $3.94 1/2, down 2 1/2 cents,
Mar 25 Corn is at $4.13 1/4, down 2 1/2 cents,
New Crop Cash is at $3.55 1/4, down 2 1/4 cents,
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