Corn prices are experiencing a rally on Thursday, with contracts up 5 to 6 cents. As of Wednesday’s close, futures had gained 8 to 10 cents in most front months, while the CmdtyView national average cash corn price increased by 10 cents to $4.45 1/2.
The ProFarmer Crop Tour reported that Illinois corn yields averaged 184.19 bushels per acre, a decline of 7.71% from last year and 7.52% below the three-year average. In Iowa’s three western districts, yields ranged from 189.73 to 191.8 bpa, also below last year’s averages. Full yield results for Iowa and Minnesota will be announced later today.
In related data, weekly EIA reports indicated a reduction in ethanol production by 28,000 barrels per day for the week ending August 14, totaling 1.089 million barrels. Ethanol stocks increased by 323,000 barrels to reach 25.121 million barrels, while refiner inputs rose by 11,000 bpd to 926,000 bpd. The USDA will release Export Sales data later this morning, with expectations for old crop corn sales between 0-500,000 MT and new crop net sales ranging from 0.5 to 1.3 MMT.
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