Corn futures declined on September 26, 2023, with contracts dropping 3 to 5¾ cents, closing at $5.07¾. The CmdtyView national average cash corn price fell by 5¾ cents to $4.81.
The USDA reported a private export sale of 182,880 metric tons of corn to Mexico for the 2026/27 shipment period. This week’s Crop Progress report indicated that corn condition ratings decreased by one percentage point to 46% in good to excellent condition, while the Brugler500 index remained steady at 347. Notable declines were recorded in states like Illinois, Iowa, and Kansas, while improvements were seen in Colorado and Kentucky.
A Bloomberg survey anticipates that Friday’s USDA report will reflect an average yield cut of 2.6 bushels per acre, resulting in an adjusted average yield of 178.1 bushels per acre and a production decrease of 236 million bushels from August to 15.777 billion bushels. Additionally, Argentina’s 2026/27 crop is forecasted to be between 67.5 to 70.5 million metric tons, an increase from the previous estimate of 66 million metric tons.
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