Corn prices moved higher during early trading on Monday, with futures contracts posting gains of 2 to 3 cents. September corn futures closed at $4.39 and were trading up 2 3/4 cents from the previous close, while December contracts reached $4.62, also up 2 3/4 cents. March futures advanced to $4.77 3/4, gaining 1/4 cent. The cash corn market remained steady, with the national average holding at $4.09 1/2.
Market participants were preparing for the release of the August Crop Production report from NASS scheduled for the following Wednesday. According to a Reuters survey of analysts, corn yield was expected to average 182.4 bushels per acre, with estimates ranging from 180.5 to 184.8 bushels per acre. Overall production was projected at 15.934 billion bushels, with harvested acreage anticipated to decline by 76,000 acres from previous estimates.
Activity in the corn futures market showed measured positioning changes, as managed money increased their net long position by 13,547 contracts during the week of August 4, bringing the total net long to 181,946 contracts as of Tuesday. Meanwhile, export activity included a private sale of 286,097 metric tons to Mexico reported on Friday, split between the 2026/27 and 2027/28 marketing years.
International supply developments also factored into market sentiment. In Brazil’s center south region, the second crop remained behind the typical seasonal pace, with harvesting at 79% completion compared to 88% at the same time in the prior year, according to AgRural data.
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