Corn Prices Soar on Monday Morning Amid Strong Yield Projections

Corn prices surged higher on Monday morning after the Pro Farmer yield projection, with futures up 12 to 13 cents so far. This comes on the heels of late strength on Friday, where contracts were 2 ¾ to 6 ½ cents higher across the board. Despite a drop in open interest, heavily influenced by a 32,494 contract decrease in September contracts, prices remained strong.

The Pro Farmer estimates the US national yield at 173.2 pounds per acre (pba), with production at 15.344 billion bushels (bbu). This projection comes after last week's Crop Tour, which provided valuable insights into the current crop conditions.

USDA Export Sales data from Thursday showed old crop corn commitments at 87.74 million metric tons (MMT), a 24% increase above last year and matching the pace of last year. However, new crop sales are lagging behind, accumulating at 11.391 MMT, which is 21.7% lower than last year.