Corn futures are trading 1 to 1 3/4 lower this morning. They closed Wednesday with losses of 1 to 2 cents, on profit taking ahead of today’s USDA reports. The USDA Crop Progress report indicated that all of the 18 reported states were above their normal harvest pace as of Sunday, with IA only moving 4% on the week to 15%. Condition ratings in IA dropped 11 points, with NE down 5, IN 3 points lower and MN down 2. The WASDE report this morning is expected by traders to show world corn carryout for 18/19 at 159.2 MMT, up 2.17 MMT from September. The trade average guess expects USDA to hike the average US yield estimate by 0.5 bushels per acre this morning to a new all time record high. The 44-year average revision for October would be +0.7 bpa, but there are also record yield years like 2016 where the number went lower in this report.
--provided by Brugler Marketing & Management