Corn Futures Rally Amid Boost in Exports and Strong Pro Farmer Estimates

Corn futures have been rising steadily since Sunday night, holding midday gains of 11 to 12 ½ cents. The national average Cash Corn price is now up 12 1/2 cents at $4.67 ½. This comes after the latest Export Inspections report showed corn shipments down 33.32% from the previous week and 3.16% below the same period last year.

The report revealed that Mexico was the largest destination for corn, with 387,748 MT shipped, followed by Japan with 306,842 MT and Colombia with 101,360 MT. This brings the marketing year total to 82.28 MMT (3.239 bbu) of corn exports, which is now 25.51% ahead of the same period last year.

Pro Farmer estimates the US national yield at 173.2 pba, with production at 15.344 bbu, following last week's Crop Tour. The CFTC data also shows managed money spec traders in corn futures and options at a net long of 250,505 contracts by August 18.