Corn Prices Show Modest Strength with Higher Futures Contracts
Corn futures are showing modest strength on Friday morning, opening higher than Thursday's close. Prices have risen 2 to 3 cents so far today.
Futures contracts closed 1 ¼ to 2 ¼ cents higher at the end of Thursday's trading session and reached intraday highs. The CmdtyView national average Cash Corn price has increased by 1 ½ cent to $4.09 ¾.
Export Sales data from the USDA reported 116,740 MT of corn for the 2025/26 marketing year, which is a marketing year low and 31.5% below the same week last year. South Korea purchased 86,100 MT, while Colombia bought 84,300 MT.
Ahead of next Wednesday's August Crop Production report from NASS, analysts surveyed by Reuters predict an expected yield of 182.4 bushels per acre, with a range of 180.5 to 184.8 bpa. This would result in production being estimated at 15.934 bbu due to reduced harvested acres.
Brazilian corn exports in July totaled 1.943 MMT, which is well above the previous month but down 21.16% from the same month last year. ANEC estimates August's export total at 4.08 MMT, a significant drop of 3.26 MMT from last year if realized.
A South Korean importer purchased 134,000 MT of corn in an overnight tender. The September 26 Corn contract closed at $4.39, up 2 ¼ cents, while nearby Cash was $4.09 ¾, up 1 ½ cent.