Corn futures gained 1 to 2 cents on Friday, with the CmdtyView national average cash corn price rising by 1.5 cents to $4.52½. The USDA reported a sale of 205,000 metric tons of corn to unknown destinations.
The ProFarmer Crop Tour revealed Iowa’s average corn yield at 193.98 bushels per acre, down 2.24% from last year but 1.38% above the three-year average. Minnesota’s yield was reported at 199.01 bushels per acre, down 1.9% year-over-year but 3.09% higher than the three-year average.
USDA Export Sales data indicated old crop corn commitments at 87.74 million metric tons, 24% above last year’s figures, and matching the USDA projection. New crop sales totaled 11.391 million metric tons, lagging last year by 21.7%, yet remaining one of the largest forward books since 2000.
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