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Corn futures hold gains as December contract pushes above $5
Illinois corn yields from the ProFarmer Crop Tour averaged 184.19 bushels per acre, down 7.7% year over year, while USDA export sales totaled 232,892 MT for old crop corn in the week ended Aug. 13.
Corn futures ended Thursday with most of their intraday gains, with prices up across the front months, as the December contract moved above $5, according to Yahoo Finance.
The CmdtyView national average cash corn price rose 5.5 cents to $4.50. ProFarmer Crop Tour results put Illinois corn yields at an average 184.19 bushels per acre, down 7.7% from last year and 7.5% below the three-year average. In western Iowa, yield estimates for three districts ranged from 189.73 to 191.8 bpa, all below last year's tour averages, with full Iowa and Minnesota yield results due later on Thursday evening.
Export activity showed mixed demand, the outlet said. USDA data for the week of Aug. 13 reported 232,892 MT of old crop corn sales, above last year's net cancellations but below the prior week's level, with Japan the top buyer at 192,700 MT and Spain also purchasing 121,200 MT. New crop business totaled 816,097 MT, down 71.5% from a year ago and described as a four-week low due to a pullback in demand as the rally cools.
International figures cited by Yahoo Finance indicated world corn production fell by 1 MMT to 1.305 billion MT. Consumption declined by 1 MMT, while stocks were left unchanged at 293 MMT.
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