Corn Prices Rise Amid Disappointing Crop Yields
Corn futures rose in the run-up to Wednesday's closing bell, with most front months increasing by 8-10 cents. Deferred contracts were up fractionally to 5 and a quarter cents. The national average Cash Corn price also saw an increase of a dime, reaching $4.45 1/2.
The ProFarmer Crop Tour revealed disappointing results for Nebraska corn yields, which averaged 163.61 bushels per acre, down 8.85% from last year and 5.6% below the three-year average. Indiana's yields were also lower than expected, at 183.54 bushels per acre, a decline of 5.3% from a year ago and 2.1% from the three-year average.
The weekly Energy Information Administration (EIA) data showed a decrease in ethanol production for the week ending August 14, down by 28,000 barrels per day to 1.089 million barrels. However, stocks were up 323,000 barrels to 25.121 million barrels, and refiner inputs of ethanol increased by 11,000 bpd to 926,000 bpd.