Corn futures are trading fractionally higher this morning after closing 2 1/4 to 3 1/2 lower on Wednesday. The weekly EIA report is delayed until this morning. Harvest progress across most of the Corn Belt is lagging the average pace, with IA only 8% complete and IL 38% harvested. The national average basis is 2 cents weaker than one year ago, due to larger carryover stocks. Cash prices are on average one cent higher. Condition ratings in NE were down 4 points this week in the Brugler500 Index, as IA was up 3 and IL improved 9 points. Analysts are expecting to see a 0.56 MMT drop in world ending stocks for 17/18 to 201.91 MMT in this morning’s USDA report. Celeres expects the Brazil 17/18 first season corn crop production to drop to 28.1 MMT, as acreage is expected to be trimmed 15.3% to 13.42 million acres.
Market Commentary provided by:
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