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Corn gains small early lift as Tour yields pressure fades
ProFarmer Crop Tour showed Nebraska yields at 163.6 bushels per acre, down 8.9% from last year, while Indiana yields fell 5.3% year over year.
Corn prices were up 2 to 3 cents early Wednesday, after Tuesday futures finished mixed, ranging from as much as 1 3/4 lower to a penny higher.
The national cash corn price in CmdtyView was down 1 3/4 cents at $4.35 1/2, with open interest up by 6,454 contracts on the day.
The ProFarmer Crop Tour results included Nebraska corn yields averaging 163.61 bushels per acre, 8.85% below last year and 5.6% under the three year average. Indiana yields were 183.54 bpa, down 5.3% from a year ago and 2.1% from the three year average, with Illinois results expected later Wednesday.
Crop conditions also weakened, with weekly Crop Progress condition ratings down 1% to 60% in good to excellent, according to the Brugler500 index. In addition, ANEC estimated Brazil’s August corn exports at 5.63 million metric tons, up 0.46 MMT from the prior week, according to Yahoo Finance.
Latest closeCorn $483.75 ▲8.0%