Corn Slipping Back on Friday Morning

Corn prices are 1 to 2 cents lower so far on Friday morning. Futures closed the Thursday session holding onto most of the intraday gains, up 1 to 5 ¾ cents across the front months. Open interest was down 23,012 contracts on Thursday, with the rest of the board up a combined 17,535 contracts. September options expire today. The CmdtyView national average Cash Corn price was up 5 ½ cents at $4.50.

The ProFarmer Crop Tour showed Iowa corn yields averaging 193.98 bushels per acre down 2.24% from the last year but 1.38% above the 3 year average. Yield in Minnesota was pegged at 199.01 bpa, down 1.9% from a year ago, but 3.09% above the three year average. 

USDA Export Sales data from Thursday 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, currently down 1 1/2 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, currently down 1 1/4 cents

Mar 27 Corn  closed at $5.18 1/4, up 4 1/2 cents, currently down 1 cent

New Crop Cash  was $4.54 3/4, up 5 3/4 cents,