Corn futures on September 26 closed at $4.78 ¾, up 5 ¾ cents, while cash corn prices averaged $4.50, increasing by 5 ½ cents. The ProFarmer Crop Tour revealed that Illinois corn yields averaged 184.19 bushels per acre, marking a 7.71% decline from last year and 7.52% below the three-year average. Iowa’s western three districts averaged between 189.73 and 191.8 bpa, all below last year’s respective averages.
USDA Export Sales data reported 232,892 MT of old crop corn sold during the week of August 13, significantly higher than last year’s cancellations but down from the previous week. Japan was the top buyer at 192,700 MT, followed by Spain at 121,200 MT. New crop corn sales reached 816,097 MT, a 4-week low and down 71.5% from last year, with Mexico purchasing 305,400 MT and Japan 184,000 MT.
Additionally, the International Grains Council revised world corn production down by 1 MMT to 1.305 billion MT, with consumption also reduced by 1 MMT and stocks remaining at 293 MMT.
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.
