Commodities
Corn Futures Hold Gains Despite Declining Yields and Slowing Demand
Corn futures are holding onto Thursday's gains, with some contracts rising by as much as 5 cents. The CmdtyView national average Cash Corn price has increased by 4 ¾ cents to $4.49 1/4.
The latest ProFarmer Crop Tour results showed Illinois corn yields averaging 184.19 bushels per acre, down 7.71% from last year and 7.52% below the three-year average. The western Three districts of Iowa were pegged at 189.73 to 191.8 bpa, all below their restive tour averages last year.
The USDA Export Sales data for August 13 reported 232,892 MT of old crop corn sales, well above last year's net cancellations but down from the previous week. New crop business was tallied at 816,097 MT, a 4-week low and down 71.5% from a year ago.