Corn Futures Plummet Ahead of WASDE Report

Corn futures took a hit on Wednesday ahead of the upcoming WASDE report from the USDA. September corn fell 3.25 cents to $5.0775 per bushel, while December contracts lost 5.75 cents to $5.2775.

The decline was attributed to technical selling and profit-taking before the USDA releases its latest supply-and-demand projections.

Specialists surveyed ahead of the report expect the agency to lower its national corn yield estimate by another 2.5 bushels per acre, to an average 178.2 bpa.

This move is seen as a major price test for the market, with production expectations taking center stage.