Corn Futures Surge on Friday Despite Weaker Tour Yields

Corn futures closed higher on Friday, bucking the trend of weaker tour yields reported earlier in the week. Contracts for September and December corn rose by 24 ¾ cents and 25 ¼ cents respectively.

The US national yield is estimated at 173.2 pba, with production at 15.344 bbu, according to Pro Farmer's Crop Tour estimates. Managed money spec traders in corn futures and options held a net long of 250,505 contracts by August 18, a significant increase from the previous week.

USDA Export Sales data showed old crop corn commitments reaching 87.74 MMT, surpassing last year's numbers by 24%. New crop sales lagged behind last year's pace at 11.391 MMT, but still represented the fourth-largest forward book since 2000.