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Corn futures are trading 1 to 1 1/2 cents lower this morning. They closed with fractional losses on Tuesday, weighted down by losses in wheat. The US cash average price as of Monday afternoon was $3.36 1/2 according to DTN, 1 3/4 cents off the same time last year. That would put the national average basis at -30 1/2 cents, 6 3/4 cents stronger than a year ago. Dr. Michael Cordonnier trimmed his projected Brazil 17/18 corn production number another 2 MMT to 86 MMT. That is 9 MMT (354 million bushels!) below the February USDA estimate.

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