Corn futures are showing gains of 1 to 3 ½ cents across most front months on Friday, with most contracts pulling off the early highs.  There were 65 delivery notices issued against September futures overnight, taking the total to 693 since FND.

Yesterday’s Crop Production report showed a 0.5 bpa increase to yield at 183.6 bpa. That helped to hike production by 39 million bushels to 15.186 billion bushels as acreage was unchanged. Stocks for old crop were slashed by 55 mbu to 1.812 bbu, coming from a 40 mbu increase to exports and 15 mbu higher ethanol figure. That smaller carryover helped to limit the new crop output increase, with 2024/25 stocks down 16 mbu to 2.057 bbu. 

Export Sales data has total corn export commitments at 13.36 MMT, which is a 3-year high to begin the marketing year and 20% larger than a year ago. That is also 23% of USDA’s currently 2024/25 export projection, which does lag the 28% average pace.

Sep 24 Corn is at $3.94, up 7 3/4 cents,

Nearby Cash is at $3.74 1/1, up 3 1/2 cents,

Dec 24 Corn is at $4.09 1/2, up 3 1/2 cents,

Mar 25 Corn is at $4.27 1/4, up 2 3/4 cents,

New Crop Cash is at $3.74 1/1, up 3 1/2 cents,