Corn Prices Hold Steady Near Overnight Highs Despite Lower Mid-Morning Trade

Corn prices held steady near their overnight highs on August 24, despite being lower by 12 to 15 cents in mid-morning trade. The US Department of Agriculture reported weekly export inspections for corn totaled 1.296 MMT during the week ended August 20, down from 648,599 MT from the previous week.

This fell short of analysts' pre-report range of expectations of 1.5 to 1.8 MMT. Pro Farmer's Crop Tour estimated the US corn crop production at 15.344 billion bushels on an average yield of 173.2 bushels per acre.

December corn futures are facing resistance at $5.22, while support lies at the overnight low of $5.10 1/4. The rally in corn lent support to soybeans, which were being led lower by heavy selling in soyoil.