Corn Futures Rise as Dec Contract Hits $5

Corn futures held onto most of their intraday gains on Thursday, closing up by as much as 5.75 cents across the front months. The national average Cash Corn price rose to $4.50, a gain of 5.5 cents.

The ProFarmer Crop Tour revealed lower-than-expected corn yields in Illinois and Iowa. In Illinois, the average yield was 184.19 bushels per acre, down 7.71% from last year's results and 7.52% below the three-year average. Iowa's western districts reported yields ranging from 189.73 to 191.8 bushels per acre, also below their previous tour averages.

The USDA released Export Sales data showing 232,892 metric tons of old crop corn sales in the week of August 13. This was significantly higher than last year's net cancellations but lower than the week prior. Japan and Spain were among the top buyers, with Mexico leading new crop business at 305,400 metric tons.

International Grains Council data revealed a decrease in world corn production, down by 1 million metric tons to 1.305 billion. Consumption also declined by 1 million metric tons, leaving stocks unchanged at 293 million metric tons.