Corn Up at Midday

Front month corn futures are up 6 1/2 to 8 1/4 cents so far with May and July over $4/bu. The national average corn basis from cmdtyView is 28 cents under Dec. Barchart released the cmdtyView corn yield forecast, at 178.2 bpa, that is down from 178.43 bpa in September. A Bloomberg survey has US average corn yield dropping to 177.9 bpa in Friday’s NASS report. USDA is currently at 178.5 bpa. The average trade estimate for production then is at 14.823 bbu, with estimates between 14.638 and 15.030. Traders expect USDA to show corn ending stocks at 2.120 bbu. That would be down 383 mbu from September if realized. USDA’s Crop Progress report saw harvest at 25% complete, up 1 point from the 5-yr average. In IA, 25% of corn was cut and NE fields were 21% cut. The neighboring states were 15 and 6 percentage points ahead of their respective averages.

Dec 20 Corn is at $3.87 1/2, up 8 cents,

Mar 21 Corn is at $3.96 1/2, up 7 1/4 cents,

May 21 Corn is at $4.01 1/2, up 6 3/4 cents,

Jul 21 Corn is at $4.04 3/4, up 6 1/2 cents,

--- provided by Brugler Marketing & Management

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