Corn Futures Slide Amid Weak Export Sales and Revised Yield Estimate
Corn futures are trading in losses on Friday, down by 4 to 5 cents at midday. The CmdtyView national average Cash Corn price has dropped by 4 1/4 cents to $4.57. According to the USDA, a private export sale of 218,600 MT of corn to Mexico was announced this morning, with shipments scheduled for 26/27, 27/28, and 28/29.
The harvest is expected to resume in the coming week, as NOAA's QPF forecast indicates a pocket opening up for much of the US growing region. However, export sales data from USDA shows that total corn commitments are at just 18.774 MMT, which is 31% below the same time last year and 8% behind the 5-year average sales pace.
StoneX revised their US corn yield down by 0.8 bpa to 182.1 bpa this month, trimming their production total by 92 mbu to 16.115 bbu. Meanwhile, Brazil's first corn crop is estimated at 29.3 MMT according to StoneX, steady with last month.