**Corn Futures Update – August 9, 2023**
Corn futures are trading mostly lower on Tuesday, with the national average cash corn price at $4.07 1/4, down 3/4 cent. According to Monday’s Crop Progress report, 94% of the U.S. corn crop is silking, and 61% is in the dough stage, which is 6 percentage points above the normal pace. The crop now shows 16% dented, with conditions steady at 61% rated good to excellent.
Ahead of Wednesday’s Crop Production report from NASS, a Reuters survey predicts an average yield of 182.4 bushels per acre, estimating total production at 15.934 billion bushels, with harvested acres reduced by 76,000. Ending stocks for the old crop are projected at 1.999 billion bushels, a decrease of 21 million bushels from last month, while new crop stocks may drop to 1.725 billion bushels. Current estimates for Brazil’s August corn exports have risen to 5.17 million metric tons.
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