Corn Prices Easing on Thursday
Corn futures are showing losses of 2 to 4 ½ cents across most contracts on Thursday’s midday.
A couple private export sales of 132,000 MT of 2024/25 corn to unknown destinations and 110,490 MT to Mexico were announced this morning.
Weekly Export Sales data showed a MY low in corn export business for the 2023/24 crop at 119,123 MT. That was on the low end of the 100,000 and 300,000 MT expectations in the week of August 15, but is normal for this late in the MY. New crop sales came in at 1.291 MMT, a MY high and above the 0.5 to 1.025 MMT estimates for that week. A majority of the next crop sales were to Mexico at 873,400 MT.
The third day of the ProFarmer Crop Tour on Wednesday showed Illinois yields averaging 204.14 bpa. That was above the 193.72 bpa from last year and the 3-year average of 193.58 bpa. Today is the final leg of the tour, with Iowa and Southern Minnesota yields released later today.
Sep 24 Corn is at $3.72 3/4, down 2 3/4 cents,
Nearby Cash is at $3.60 3/8, down 2 3/4 cents,
Dec 24 Corn is at $3.94 3/4, down 3 1/2 cents,
Mar 25 Corn is at $4.12 1/2, down 4 1/2 cents,
New Crop Cash is at $3.53 5/8, down 3 1/2 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.