Corn Futures Slip Back on Friday Morning Amid Decreased Open Interest

Corn futures are slipping back on Friday morning after holding onto most of their intraday gains from Thursday. Prices are currently between 1 to 2 cents lower across the front months, with open interest down by 23,012 contracts. In contrast, other parts of the board saw an increase in open interest of 17,535 contracts.

The ProFarmer Crop Tour provided some insight into corn yields, showing Iowa averaging 193.98 bushels per acre, a decrease of 2.24% from last year but still 1.38% above the three-year average. Minnesota's yield was pegged at 199.01 bushels per acre, down 1.9% from last year but 3.09% above the three-year average.

The USDA Export Sales data showed 232,892 MT of old crop corn sales in the week of August 13, well above last year's net cancellations but down from the previous week. Japan was the top buyer at 192,700 MT, followed by Spain with 121,200 MT. New crop business saw a decrease to 816,097 MT, a four-week low and down 71.5% from last year.

The International Grains Council data reported world corn production down 1 MMT to 1.305 billion MT, with consumption also decreasing by 1 MMT. Stocks remained unchanged at 293 MMT.