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- Corn futures ended Tuesday's trading session with losses, ranging from 1 ¼ to 4 ¾ cents.
- Analysts anticipate a reduction in corn yield to 182.7 bushels per acre, leading to a forecasted decrease in production.
- NASS condition ratings showed a slight decrease, with notable improvements in some states and declines in others.
Corn futures closed lower on Tuesday, experiencing a decline ranging from 1 ¼ to 4 ¾ cents. The weakening was predominantly seen in the near-term contracts.
Ahead of the USDA reports scheduled for Thursday, expectations are for a decrease in corn yield. Analysts project a drop of 0.4 bushels per acre, bringing the yield to 182.7 bushels per acre. With harvested acres anticipated to remain steady, the overall production is expected to fall by 42 million bushels to a total of 15.105 billion bushels. According to a Bloomberg survey, the new crop production is forecasted to drop by 41 million bushels to 2.032 billion bushels, largely due to reduced production figures.
On Monday, NASS reported a slight decline in condition ratings, down 1% to 64% good/excellent. The Brugler500 index stayed constant at 364. State-wise, Ohio saw an improvement of 27 points, while Missouri and Illinois increased by 7 points each. South Dakota experienced a 3-point gain, Iowa improved by 2 points, and Nebraska was up by 1 point. However, three out of the 18 states observed worsening conditions, with Kansas dropping 15 points and Michigan and Minnesota both falling by 10 points.
