Corn futures rose 1 to 2 cents on Friday, with the CmdtyView national average cash corn price at $3.81, up 1¼ cents. The USDA’s monthly WASDE report indicated old crop US ending stocks increased to 2.145 billion bushels, with exports up by 25 million bushels, balancing a 25 million bushel drop in corn used for ethanol.
As of now, old crop export commitments total 82.767 million metric tons (MMT), representing 98% of the USDA’s updated projection. New crop commitments stand at 4.124 MMT, a 31.6% increase from last year. Brazilian and Argentine corn production estimates rose by 3 MMT and 2 MMT, respectively, reflecting a combined 15 MMT increase in the last two months.
NOAA forecasts precipitation of 2 to 4 inches across parts of Missouri to Ohio, while western Iowa, Minnesota, and much of the northern Plains are expected to see little to no rainfall.
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