Corn prices fell on Wednesday and ended trading significantly weaker. September futures lost 5.25 US cents to 397.75 US cents/bushel, while December fell by 5.00 US cents to 418.00 US cents/bushel.
Fundamentally, the latest Allendale survey weighed on sentiment. The analysts are forecasting a record yield of 187.52 bushels per acre (~11.8 tons/ha) and total US production of 16.631 billion bushels (~422.4 million tons). This bearish expectation put additional pressure on prices.
In contrast, the weekly status report had a somewhat supportive effect. The proportion of stocks rated "good to excellent" fell by two points to 69%. Illinois and Ohio in particular reported significant deterioration.
The weekly export figures will not be released until Friday due to the holiday, while the ethanol statistics will be released this Thursday. Until then, the market is likely to remain susceptible to technical movements, driven by the contradictory signals between high harvest prospects and declining crop quality.
On Euronext, corn for November gained €1.00 to €187.00/t.
