Corn futures experienced a rally on Wednesday, with contracts rising between 8 to 10 cents, while deferreds increased up to 5.25 cents. The CmdtyView national average cash corn price reached $4.45 1/2, a 10-cent increase.
The ProFarmer Crop Tour reported Nebraska’s corn yields averaging 163.61 bushels per acre, an 8.85% decline from last year, and 5.6% below the three-year average. Indiana’s yields were recorded at 183.54 bpa, down 5.3% year-over-year and 2.1% from the three-year average. Illinois’ results are expected later today.
In related data, the Weekly EIA report showed ethanol production decreasing by 28,000 barrels per day to 1.089 million barrels for the week ending August 14, while stocks increased by 323,000 barrels to 25.121 million barrels. The USDA is set to release Export Sales data on Thursday, with expectations for old crop corn sales between 0-500,000 MT.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
