Corn Prices Face Weakness Amid Mixed Market Data
On Thursday, corn futures traded with midday losses of 3 to 6 cents as contracts remained more than 10 cents off the lows. The CmdtyView national average Cash Corn price dropped by 5¾ cents to $4.93. USDA's Export Sales data showed old crop net cancellations at 829,569 MT—well below expectations—and new crop bookings of 1.986 MMT for the week ending August 27, which was a marketing year high but down from last year’s figures. Census data revealed record corn shipments in July totaling 7.48 MMT (294.4 mbu), up by 22.63% compared to the previous year and ethanol shipments hit a monthly record of 199.5 million gallons. An Allendale producer survey estimated U.S. corn yield at 178.7 bpa with production expected at 15.833 bbu. Despite these developments, market sentiment remains cautious as prices continue to face downward pressure.
Topics: census corn export sales futures USDA data