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Corn Prices Surge on Black Sea Tensions
16 Aug
Summary
- Corn prices rebounded, gaining 9 to 10 cents per contract.
- Wheat market rally and Black Sea tensions provided support.
- Old crop corn export sales reached 104% of USDA projection.
Corn contracts experienced a notable rally, climbing between 9 and 10 cents and recovering losses from the previous trading day. The national average Cash Corn price also saw an increase, reaching $4.28.
This upward momentum in the corn market was significantly influenced by a rally in wheat prices, which was in turn driven by escalating tensions in the Black Sea region. This spillover effect provided considerable support for corn futures.
Examining export sales, old crop corn has reached 87.503 million metric tons, surpassing the USDA's projection at 104%. Accumulated shipments for this category are at 80.066 million metric tons, representing 95% of the USDA's export target.
In contrast, new crop corn sales are currently trailing behind last year's performance, showing a decrease of 23.5% with 10.575 million metric tons sold for the upcoming period.
