Corn Prices Hold Steady as USDA Export Sales Data Surges
Corn futures are holding steady on Friday, maintaining gains of 1 to 2 cents across most contracts. The CmdtyView national average Cash Corn price has increased by 1 ½ cents to $4.52 ½. This comes after the USDA reported 205,000 MT of corn sold to unknown destinations earlier in the day.
The ProFarmer Crop Tour revealed Iowa corn yields averaging 193.98 bushels per acre, down 2.24% from last year but 1.38% above the three-year average. In Minnesota, yields were pegged at 199.01 bpa, down 1.9% from a year ago but 3.09% above the three-year average.
USDA Export Sales data shows old crop corn commitments at 87.74 MMT, 24% higher than last year and matching the pace from last year. Accumulated sales for new crop are currently at 11.391 MMT, lagging behind last year by 21.7%. This represents the fourth-largest forward book since 2000.