Corn futures closed the Thursday session holding onto most of the intraday gains, up 1 to 5 ¾ cents across the front months. The CmdtyView national average Cash Corn price was up 5 ½ cents at $4.50.
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. That was well above last year’s net cancellations but down from the week prior. The top buyer was Japan at 192,700 MT, with 121,200 MT sold to Spain. New crop business was tallied at 816,097 MT. That was a 4-week low and down 71.5% from a year ago, as the rally is pulling back on some demand. Mexico was the top buyer of 305,400 MT, with 184,000 MT to Japan.
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 closed at $4.78 3/4, up 5 3/4 cents,
Nearby Cash was $4.50, up 5 1/2 cents,
Dec 26 Corn closed at $5.03 1/2, up 5 1/2 cents,
Mar 27 Corn closed at $5.18 1/4, up 4 1/2 cents,
New Crop Cash was $4.54 3/4, up 5 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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