Corn Prices Rally as ProFarmer Crop Tour Data Reveals Weaker Yields
Corn futures are rallying on Thursday, after contracts rose by $0.05 to $0.06 in early trading. The rally began as the market closed on Wednesday, with front-month contracts up by $0.08 to $0.10. Deferred contracts saw a smaller increase of $0.00 ¼ cents.
The Open Interest data showed an exit of September contracts (-18,244), while the rest of the board saw an increase of combined 13,993 contracts. The CmdtyView national average Cash Corn price rose by $0.10 to $4.45 1/2.
Results from the ProFarmer Crop Tour showed that Illinois corn yields averaged 184.19 bushels per acre, down 7.71% from last year and 7.52% below the three-year average. The western three districts of Iowa saw yields ranging from 189.73 to 191.8 bushels per acre, all below their restive tour averages last year.
USDA will release Export Sales data this morning, with traders looking for a total of 0-500,000 MT of old crop corn sold in the week of August 13. New crop business is seen between net sales of 0.5 to 1.3 MMT.