Corn futures are posting 3 ½ to 5 cent gains across most contracts on Thursday, fading from some early session highs. The CmdtyView national average Cash Corn price is up 4 ¾ cents at $4.49 1/4.
The ProFarmer Crop Tour showed Illinois corn yields averaging 184.19 bushels per acre down 7.71% from the last year and 7.52% below the 3 year average. The western Three districts of Iowa were pegged at 189.73 to 191.8 bpa, all below their restive tour averages last year. Results for the full IA yield, as well as MN will be announced later this evening.
USDA Export Sales data from this morning showed 232,892 MT of old crop corn sales in the week of August 13, in the middle of the trade ideas of 0-500,000 MT. That was well above last year’s net cancellations but down from the week prior. New crop business was tallied at 816,097 MT, which was between estimates of 0.5 to 1.3 MMT. That was a 4-week low and down 71.5% from a year ago, as the rally is pulling back on some demand.
International Grains Council data showed world corn production down 1 MMT to 1.305 billion MT. Consumption was down 1 MMT, with stocks left unchanged at 293 MMT.
Sep 26 Corn is at $4.77 3/4, up 4 3/4 cents,
Nearby Cash is at $4.49 1/4, up 4 3/4 cents,
Dec 26 Corn is at $5.03, up 5 cents,
Mar 27 Corn is at $5.17 1/2, up 3 3/4 cents,
New Crop Cash is at $4.53 1/1, up 5 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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