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“Prices were $.06 higher, closing near session highs. Dec-26 futures held within yesterday’s range. Since 1990 the USDA lowered their corn yield forecast in August 17 times, including this year. In 10 of those years’ yields were cut again in September, while six years yields increased. Large speculative traders have been net sellers of corn the past four sessions, prior to today, cutting their long holding to just under 400k. Argentine exporters expect to ship 10 mmt of corn in Aug/Sept, more than double last year’s volume as their prices hold well below U.S. and Brazilian FOB offers,” wrote Mark Soderberg with ADM Investor Services.
