Corn futures are down 1 to 3 cents at midday, following Monday’s trend. The national average cash corn price is at $3.82 1/2.

USDA’s Crop Production report raised US corn yield to 186.5 bpa, with 91.3 million acres harvested. Production is at 17.021 bbu, up 269 mbu from November. December 1 corn stocks are at 13.282 bbu, 1.207 bbu higher than last year.

WASDE data increased US ending stocks by 198 mbu to 2.227 bbu. World ending stocks rose to 290.91 MMT, with an increase in Chinese production.

South Korean importers bought 264,000 MT of corn, with another tender for 140,000 MT. Corn prices are at $4.20 for Mar 26, $3.82 1/2 for Nearby Cash, $4.28 1/4 for May 26, and $4.35 1/2 for Jul 26.

Read more at Yahoo Finance: Corn Following Up Monday with Tuesday Weakness