Corn Pushing Higher into the Weekend

Corn prices have been inching higher throughout the week, with most futures contracts seeing a 1 to 2 cent increase on Friday. The national average Cash Corn price stands at $4.52 ½, marking a 1 ½ cent rise. According to the USDA, 205,000 metric tons of corn were sold to unidentified locations this morning. Meanwhile, Arabica Coffee prices have been hovering slightly below their 6-month high, while recent sugar price increases have been fueled by India easing import duties.

The Pro Farmer Crop Tour recently concluded, revealing Iowa corn yields averaging 193.98 bushels per acre, a 2.24% decrease from last year but 1.38% higher than the 3-year average. Minnesota's average yield was reported at 199.01 bushels per acre, a 1.9% drop from the previous year but a 3.09% increase compared to the 3-year average.

USDA Export Sales data revealed old crop corn commitments at 87.74 million metric tons, a 24% increase from last year and matching last year's pace. New crop commitments stand at 11.391 million metric tons, lagging last year by 21.7%. New Crop Cash prices are currently at $4.55 ¼, up 1 ½ cents. The article's author, Austin Schroeder, had no positions in any of the securities mentioned. All information provided is for informational purposes only.