Positioning ahead of USDA’s reports has corn futures steady to 1 cent lower. Yesterday, futures closed fractionally mixed. Corn has dropped 34 cents per bushel since the July USDA report in anticipation of bearish production numbers in this report. The average trade estimate ahead of USDA is for a 176.5 mbu bump to new crop production by way of a 180.5 bpa yield. Analysts expect that additional corn will go to ending stocks, with an average estimate of 2.823 bbu – up 175.8 mbu if realized. Old crop stocks are estimated to receive a 21.1 mbu bump as well. CONAB released their monthly Brazilian production estimate. They raised both first and second corn crops for a net increase of 1.58 MMT to 102.142 MMT. This is for the double crop currently being harvested, not 2021/22. Analysts expect USDA will leave their estimate at 101 MMT for Brazil.
--- provided by Brugler Marketing & Management