Corn futures experienced gains on Friday, with September contracts rising 24¾ cents for the week, closing at $4.83¾. December contracts increased by 25¼ cents, closing at $5.08½. The national average cash corn price also rose by 5 cents to $4.52½. The USDA reported 205,000 metric tons of corn sold during the most recent reporting period.
According to estimates from a recent Crop Tour, the U.S. national yield is projected at 173.2 bushels per acre, with total production expected to reach 15.344 billion bushels. As of August 18, managed money spec traders held a net long position of 250,505 corn contracts, reflecting an increase of 83,735 contracts from the previous week. Export commitments for the current crop stand at 87.74 million metric tons, 24% higher than last year.
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