Choppy trade in corn until today’s USDA release

September 12, 2017 9:01AM CDT

The average yield estimate for today’s report in corn is set at 167.9 bushels/acre, with a range from 165.5-171.2 bushels. The August USDA estimate came in at 169.5 bushels/acre. The average estimate for 2017-2018 ending stocks is at 2.125 billion bushels in a range of 1.898 to 2.447 billion and compared to the USDA August estimate of 2.273 billion bushels. Heavy rains continue in Argentina’s provinces of Buenos Aires, La Pampa, and Entre Rios which could jeopardize the 2017-2018 planting progress. Weekend rains of up to 5 inches continues to expand the waterlogged corn fields. Argentina is expected to plant a record 5.4 million hectares in the 2017-2018. The weekly G/EX ratings came in at 61% which is the exact same as last week and 13% lower than last year's 74%. What stands out is the maturity level at 18% compared to the five year average of 31%. Iowa’s percent mature is 15% compared to 5 year average of 28%, Nebraska at 18% vs. 27%, and North Dakota at 4% vs. 18%. The latest 6-10 and 8-14 day forecasts look to be warmer and wetter, which could benefit a late developing crop. Look for a breakout on today’s report from the recent 353-362 range. Support comes in at 351.

 

Dec '17 Corn Daily Chart

Dec '17 Corn Daily Chart

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