Corn Slipping Back to Start Friday
Corn price action is showing fractional losses early on Friday. Futures closed the Thursday trade with contracts up 7 to 8 cents across most nearbys. The CmdtyView national average Cash Corn price was up 7 cents at $3.70.
Export Sales data pegged old crop corn bookings at a net reduction of 27,109 MT, an improvement from the 88,686 MT in net reductions from last week. New crop business was tallied at the second largest for the marketing year at 2.86 MMT in the week ending on August 14, up 39.7% from last week. The largest buyer was unknown destination of 949,400 MT, with 749,000 MT sold to Mexico.
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The final day of the annual ProFarmer showed Iowa yield estimated at 198.43 bpa, up from last year’s total of 192.79 bpa and above the 3-year average of 186.47 bpa. USDA is looking for an 11 bpa increase yr/yr. Yield Minnesota was a record 202.86 bpa, well above last year (164.9) and the three-year average (178.88 bpa).
The International Grains Council estimates the world corn production total at 1.299 billion MT, a 23 MMT increase from last month. Stocks were up 16 MMT to 294 MMT, as use was increased by 13 MMT.
Sep 25 Corn closed at $3.87 1/4, up 7 1/4 cents, currently down 1/4 cent
Nearby Cash was $3.70, up 7 cents,
Dec 25 Corn closed at $4.11 3/4, up 7 3/4 cents, currently down 1/2 cent
Mar 26 Corn closed at $4.29 3/4, up 7 3/4 cents, currently down 1/2 cent
New Crop Cash was $3.67 1/2, up 8 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.
