Corn Market 4 to 5 Lower Ahead of USDA Estimates
BRUG - Tue Jun 11, 7:28AM CDT

Corn futures are trading 4 to 5 cents lower this morning ahead of the WASDE report. Traders are having second thoughts about how much or IF USDA is likely to change their production estimate today. They settled steady to fractionally lower in the front months, with other contracts firm to 3 1/2 cents higher. After the close, NASS showed that 83% of the US corn crop was planted as of June 9, still lagging the 99% average. That was a 16% move from the previous week and in the range of estimates. Emergence was pegged at 62%, 31% below average. Initial corn ratings were at 59% gd/ex, with the Brugler500 index at 355. That was 35 points lower than last year and the worst first round of ratings since 1996. It also wasn’t exactly a surprise. Monday morning’s Export Inspections report indicated that 850,647 MT of corn was shipped in the week that ended on June 6. That was a 14.2% jump from the week prior but 39.7% slower than the same week in 2018. YTD inspections are now 2% behind the same time last year.

--provided by Brugler Marketing & Management

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