Corn futures are trading 3 to 4 cents higher this morning. They closed steady to 1 3/4 cents lower in most contracts on Monday. Export inspections were only 590,013 MT during the week that ended on September 5, with 449,958 MT of that leaving ports during the new MY. Monday’s Crop Progress report showed that 55% of the US corn crop was dented by Sunday vs. the 77% average, with 11% reported mature (vs. 24% avg). Condition ratings were down 3% to 55% gd/ex, a bigger drop than expected as the Brugler500 index was down 6 points to 347. That is the worst overall condition rating of the crop year. It drops the Best Fit yield potential to 168.6 bpa from 171 the previous week, if we are still at that number in October. The average trade production guess for Thursday’s report is 13.672 billion bushels, with analysts on average estimating USDA will drop yield 2.3 to 167.2 bpa.
-- provided by Brugler Marketing & Management