Corn Pushing Higher into the Weekend
Corn futures are holding onto 1 to 2 cent gains across most contracts on Friday. The CmdtyView national average Cash Corn price is up 1 ½ cents at $4.52 ½.
USDA reported 205,000 MT of corn sold during the reporting period to unknown destinations this morning.
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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 now has old crop corn commitments at 87.74 MMT, which is 24% above last year. That is also 102% of the USDA projection and matching the pace from last year. Accumulated sales for new crop are now at 11.391 MMT, which lags last year by 21.7%. That is still the 4th largest forward book since 2000.
Sep 26 Corn is at $4.80 1/4, up 1 1/2 cents,
Nearby Cash is at $4.52 1/2, up 1 1/2 cents,
Dec 26 Corn is at $5.05 1/4, up 1 3/4 cents,
Mar 27 Corn is at $5.20, up 1 3/4 cents,
New Crop Cash is at $4.55 1/4, up 1 1/2 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.
