Corn prices are trading with 1 to 2 ¼ cent gains to kick off Friday. Futures closed out the Thursday session with contracts down 3 ½ to 5 ½ cents across the board, as December has failed to push back through $4 successfully.
A couple private export sales of 132,000 MT of 2024/25 corn to unknown destinations and 110,490 MT to Mexico were announced on Thursday morning.
Weekly Export Sales data showed a MY low in corn export business for the 2023/24 crop at 119,123 MT. That was on the low end of the 100,000 and 300,000 MT expectations in the week of August 15, but is normal for this late in the MY. New crop sales came in at 1.291 MMT, a MY high and above the 0.5 to 1.025 MMT estimates for that week. A majority of the next crop sales were to Mexico at 873,400 MT.
The final leg of the ProFarmer Crop Tour on Thursday showed Minnesota yields averaging 164.9 bpa. That was the well below the 181.34 from last year and 183.06 via the 5-year average. Iowa yields averaged 192.79, up from 182.8 bpa from last year and the 3-year average of 185.79 bpa.
Sep 24 Corn closed at $3.71 1/2, down 4 cents, currently up 2 1/4 cents
Nearby Cash was $3.59 3/8, down 3 3/4 cents,
Dec 24 Corn closed at $3.93 1/2, down 4 3/4 cents, currently up 1 1/2 cents
Mar 25 Corn closed at $4.11 1/2, down 5 1/2 cents, currently up 1 cent
New Crop Cash was $3.52 5/8, down 4 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 Disclosure Policy here.
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
