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Large number of late-season corn market factors

Corn prices at this time of year are typically dominated by yield prospects of the U.S. crop with those prospects pretty well settled. This year, there is considerable uncertainty about U.S. production prospects, as well as changing indications of corn consumption, according to Darrel Good, University of Illinois ag economist.
Production uncertainty stems from both acreage and yield considerations. For acreage, the USDA's National Agricultural Statistics Service (NASS) currently estimates planted acreage at 97.379 million acres. The Farm Service Agency report of prevented acreage released  indicated prevented corn acreage of 3.411 million acres. The estimate exceeded expectations and resulted in speculation that the NASS estimate might eventually be reduced. Read more …