Corn futures are fading off the earlier Friday strength for losses at midday. Contracts are down 1 to 2 ¼ cents across the contracts so far on the session.
Weekly Export Sales data old crop corn export commitments at 55.936 MMT, or 38% above the same time last year. That is 98% of the USDA projection lagging the 103% average pace, though actual Census data is running ahead. New crop forward sales are now 7.924 MMT, a 7.8% improvement above the same week last year.
The final leg of the ProFarmer Crop Tour on Thursday showed Minnesota yields averaging 164.9 bpa. That was the well below the 181.34 from last year and 183.06 via the 5-year average. Iowa yields averaged 192.79, up from 182.8 bpa from last year and the 3-year average of 185.79 bpa.
Two separate South Korean corn tenders were issued and filled overnight, with purchases combining for 133,000 MT and South American origin expected.
Sep 24 Corn is at $3.69 1/4, down 2 1/4 cents,
Nearby Cash is at $3.57 1/4, down 2 1/4 cents,
Dec 24 Corn is at $3.91 3/4, down 1 3/4 cents,
Mar 25 Corn is at $4.10 1/4, down 1 1/4 cents,
New Crop Cash is at $3.50 3/4, down 1 3/4 cents,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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