Corn: Corn futures have traded $0.02 lower since the market’s open on Monday morning. Informa has just released their private estimate of what the national corn crop yield will be. Their estimated national yield for corn is 174.8 bushels per acres. That is in line with the USDA August 12th estimate of a national yield of 175.1 bushels per acre. The USDA continues to rate the corn crop in a very favorable light with 75% being rated as good-to-excellent. They also reported that 92% of the crop at the dough stage with 60% having already reached dent. Informa’s estimate is likely the closest to USDA’s estimate that has been released by a private company. The market did not appear to react surprised by the figures, which could mean that the trade is beginning to anticipate a very large crop. Locally, corn basis has begun to improve slightly at some local elevators. Continue reading
