Corn Prices Slip Slightly Amid Lower Yield Estimates
On Monday, corn prices showed slight weakness as futures traded steady to a penny lower. The U.S. Department of Agriculture's National Agricultural Statistics Service (NASS) reported that the estimated corn yield for the United States fell by 2.2 bushels per acre to 178.5 bpa, aligning with trade expectations. Production was revised downward by 213 million bushels from August estimates due to a reduction in harvested acres. Open interest increased on Friday primarily in March–July contracts while the December contract fell 6½ cents for the week. The Cash Corn price averaged $4.84¾, down 3¼ cents. Global corn stocks were also adjusted with old crop ending stocks reduced by 23 million bushels and new crop carryout cut by 86 million due to production changes.
Topics: corn export sales futures NASS report WASDE