Corn Futures PricesFri, Aug 26th, 2016
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Corn futures settled as much as 4 1/4 cents lower in the December contract. The International Grains Council updated its world corn production forecast for 2016/17 to 1.03 billion tonnes, up 33 MMT from their previous estimate and up 6% year/year. The Pro Farmer Tour group completed their Illinois routes, projecting a state average yield of 193.50 bpa. That is well above the 3 year average of 179.69. Their Iowa figure will be published this evening. USDA had weekly corn export sales totaling 1.13 MMT, which was within the range of published expectations, and included fresh old crop sales to Japan, Mexico, Bangledesh and others that amounted to 71,056 MT for the week ending August 18. That was a new weekly low for the marketing year, but there are only 2 weeks left before the new marketing year begins.
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