Corn Prices Experience Modest Losses as August Closes
On the final trading day of August, corn prices experienced modest losses in early morning trade. Despite month-end pressure, futures retained gains from Friday's close with contracts settling between 1 to 4 cents higher. The September contract rallied by nearly 28.25 cents last week and December rose by about 28 cents. Open interest increased significantly on Friday, while cash corn prices saw a rise of over two cents. Managed money positions in corn futures showed the largest net long since April 2022 as of August 25, though still below historical records. Export sales for the current marketing year reached nearly 87.8 million metric tons, meeting USDA projections and matching last year's pace. New crop export commitments were down compared to a year ago but ranked among the highest in recent decades. Brazilian corn production estimates suggest an increase from previous forecasts by Safras & Mercado, surpassing current USDA expectations. AgRural reported progress on Brazil’s second corn harvest and early planting for the next season.
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