Corn futures rose by 3.5 to 5 cents across most contracts on Thursday, with the CmdtyView national average cash corn price increasing by 4.75 cents to $4.49 1/4. The ProFarmer Crop Tour reported Illinois corn yields at an average of 184.19 bushels per acre, down 7.71% from last year.
USDA Export Sales data indicated 232,892 metric tons of old crop corn sales for the week ending August 13, a notable increase from last year’s net cancellations but down from the previous week. New crop sales stood at 816,097 metric tons, marking a 71.5% decrease compared to the same period last year.
The International Grains Council revised global corn production down by 1 million metric tons to 1.305 billion metric tons, with consumption also dropping by 1 million metric tons. The ending stocks remained unchanged at 293 million metric tons.
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