The corn market held onto gains on Friday, despite pulling off the highs into the close. Futures were fractional to 2 cents higher across most contracts, as December was up 9 ½ cents this week. The CmdtyView national average Cash Corn price was up 1 1/4 cents at $3.81 1/2.
December corn futures have had an average close of $4.18 so far in October, used to determine the harvest price for crop insurance. That is below the $4.70 from February but above the $4.16 harvest price last year.
Harvest should continue in the next week for much of the Western Corn Belt, with the ECB seeing 1-3 inches. That should put a slowdown on any later harvest, though it will add back to some lower river levels along the Mississippi. Yield results thus far for some have been below expectations.
The Buenos Aires Grain Exchange estimates the Argentina corn crop at 29.9% planted, ahead of the same time last year and the average pace.
Dec 25 Corn closed at $4.22 1/2, up 3/4 cent,
Nearby Cash was $3.81 1/2, up 1 1/4 cents,
Mar 26 Corn closed at $4.36 1/2, up 1 cent,
May 26 Corn closed at $4.45, up 1 1/4 cents,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com
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