Corn Popping Higher as Export Business Comes in Above Estimates
Corn futures are trading with midday gains of 8 to 9 ¼ cents across the front months on Thursday. The CmdtyView national average Cash Corn price is up 8 1/2 cents at $3.70 1/2.
Export Sales data pegged old crop corn bookings at a net reduction of 27,109 MT, which was on the range of analysts estimates of 100,000 in net reduction to net sales of 300,000 MT. That was 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, above estimates to total between 0.9 and 2 MMT in the week ending on August 14. That was up 39.7% from last week.
Day 3 of the annual ProFarmer showed a 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.
Sep 25 Corn is at $3.88 3/4, up 8 3/4 cents,
Nearby Cash is at $3.70 1/2, up 8 1/2 cents,
Dec 25 Corn is at $4.13 1/4, up 9 1/4 cents,
Mar 26 Corn is at $4.30 3/4, up 8 3/4 cents,
New Crop Cash is at $3.68 1/4, up 9 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.