Corn futures are maintaining the strength above the $4.20 level on the December contract at Friday’s midday, with front months up 2 to 3 ½ cents. The CmdtyView national average Cash Corn price is up 2 at $3.77
The US/Japan trade deal was finalized on Thursday afternoon, with the White House stating Japan will increase “purchases of United States agricultural goods, including corn, soybeans, bioethanol (including for sustainable aviation fuel), as well as other United States products, in amounts totaling $8 billion per year.” For reference, Japan’s annual buying of those three specific good totaled $2.5 to $4.8 billion over the last 5 years.
Export Sales data from this morning showed net reductions of 280,943 MT for old crop, falling in between estimates of net reductions of 400,000 MT to sales of 100,000 MT. That was also a MY low. New crop business was tallied at 2.117 MMT, which was on the high side of the 0.9 to 2.2 MMT estimates in the week of August 28. That was 1.3% above last week and 16.2% above the same week last year.
StoneX estimates the US corn yield at 186.9 bpa, a drop of 1.2 bpa from the August estimate based off a survey of producers, with production seen at 16.577 bbu. USDA will release updated data next Friday.
Sep 25 Corn is at $4.03 1/4, up 3 1/2 cents,
Nearby Cash is at $3.77, up 2 cents,
Dec 25 Corn is at $4.21 3/4, up 2 cents,
Mar 26 Corn is at $4.40, up 2 1/2 cents,
