Corn futures closed lower on Friday, with contracts decreasing by 2 ¾ to 5 cents. The December contract was down 6 ½ cents for the week, closing at $5.10 1/4. The national average Cash Corn price dropped 3 1/4 cents to $4.84 3/4.
The USDA reported a private export sale of 264,000 metric tons of corn to Mexico for the 2026/27 shipment. The monthly Crop Production report indicated a decrease in US corn yield of 2.2 bushels per acre, down to 178.5 bpa, in line with trade estimates. Overall production fell 213 million bushels to 15.8 billion due to harvested acres being reduced by 87,000 to 85.506 million acres.
Managed money also trimmed 5,891 contracts from their record net long in corn futures and options, leaving a net long of 425,171 contracts as of September 3. The U.S. old crop ending stocks saw a reduction of 23 million bushels to 1.922 billion, while new crop carryout was cut to 1.567 billion bushels.
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