Corn Prices Hold Steady as Old Crop Commitments Rise
Corn futures are holding steady into the weekend, with prices up by 1 to 2 cents across most contracts. The CmdtyView national average Cash Corn price has also increased by 1 ½ cents to $4.52 ½.
The USDA reported 205,000 MT of corn sold during the reporting period to unknown destinations this morning. This sale is part of a larger trend, as old crop corn commitments are now at 87.74 MMT, which is 24% above last year's levels and 102% of the USDA projection.
The ProFarmer Crop Tour provided some insight into this year's yields, with Iowa corn averaging 193.98 bushels per acre, down 2.24% from last year but 1.38% above the three-year average. In Minnesota, yield was pegged at 199.01 bpa, down 1.9% from a year ago but 3.09% above the three-year average.