Corn Posts Thursday Gains, with Export Business Continuing
Corn 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.
Day 3 of the annual ProFarmer showed Illinois yield estimated at 199.57 bpa, down from last year’s tour record of 204.14 bu above the 3-year average of 196.19 bpa. USDA is looking for a 4 bpa increase yr/yr. Yield in the western 3 districts of Iowa was above last year and the three year average for all three, at 197.89 bpa in the northwest, 207.25 bpa in the west-central, and 195.03 bpa in the southwest district. Full IA results, as well as MN, will be announced later today.
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,
Nearby Cash was $3.70, up 7 cents,
Dec 25 Corn closed at $4.11 3/4, up 7 3/4 cents,
Mar 26 Corn closed at $4.29 3/4, up 7 3/4 cents,
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.