Corn Prices Slide on Friday Morning After Previous Gains

Corn prices have dropped by 1 to 2 cents on Friday morning, according to data from Barchart. Despite this decline, futures closed the previous session with significant gains, ranging from 1 to 5.75 cents across various front months.

The ProFarmer Crop Tour reported that Iowa corn yields averaged 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 bushels per acre, down 1.9% from a year ago but 3.09% above the three-year average.

USDA Export Sales data showed 232,892 MT of old crop corn sales in the week of August 13, exceeding last year's net cancellations but decreasing from the previous week. Japan was the top buyer at 192,700 MT, followed by Spain with 121,200 MT. New crop business totaled 816,097 MT, a four-week low and down 71.5% from a year ago.

The International Grains Council reported world corn production down 1 MMT to 1.305 billion MT, with consumption also decreasing by 1 MMT. Stocks remained unchanged at 293 MMT.