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Corn futures hold steady ahead of USDA yield expectations
Ahead of the next NASS crop production update, analysts in a Reuters survey expect corn yields averaging 182.4 bushels per acre, while managed money added 13,547 contracts to its net long.
Corn futures finished the session steady to fractionally higher, with the CmdtyView national average cash corn price unchanged at $4.09 1/2, ahead of the upcoming August Crop Production report from the USDA’s National Agricultural Statistics Service, or NASS, next Wednesday.
In the run-up to that report, a Reuters survey of analysts pegged expected corn yield at 182.4 bushels per acre, with estimates ranging from 180.5 to 184.8 bpa. Production was also estimated at 15.934 billion bushels, with harvested acres expected to be trimmed by 76,000 acres.
CFTC data released Friday showed managed money adding 13,547 contracts to its net long position in corn futures and options for the week of 8/4, bringing the net long to 181,946 contracts as of Tuesday. Separate USDA export sales updates showed old crop corn commitments at 87.09 million metric tons, 23% ahead of the same period last year, and at 103% of USDA forecasts for 2025/26.
New crop accumulated sales were reported at 9.65 MMT, trailing the same pace from last year by 18.1%, and still described as the fourth-largest forward book for the week on record, according to the Barchart writeup that compiled the USDA and CFTC inputs.
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