Corn Bulls Taking Losses Back on Friday Morning
Corn price action is up 5 to 6 cents so far on Friday morning trade. Futures faded lower on Thursday, as contracts were down 3 to 4 cents at the final bell. Preliminary open interest was down 4,597 contracts on Thursday. The CmdtyView national average Cash Corn price is $3.88 ½, with new crop at $3.79 1/2, down 3 ¼ cents. Spill over pressure from wheat was a factor.
The weather pattern for the next week continues to be a wet one from the Dakotas and Iowa to the Eastern Corn Belt. The forecast also calls for above normal temps for late July is parts of the country.
USDA reported old crop corn export sales were a net 97,600 MT for the week ending July 10. That was a marketing year low, and below trade expectations of 500,000 MT to 1.2 MMT. New crop sales had been seen in a range of 400,000-900,000 MT. USDA indicated 565,900 MT in the holiday shortened week.
Sep 25 Corn closed at $4.02, down 3 1/4 cents, currently up 5 ¾ cents
Nearby Cash was $3.88 1/2, down 3 1/4 cents,
Dec 25 Corn closed at $4.21, down 3 cents, currently up 5 ¾ cents
Mar 26 Corn closed at $4.38 1/4, down 2 3/4 cents, currently up 5 ½ cents
New Crop Cash was $3.79 5/8, down 3 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. For more information please view the Barchart Disclosure Policy here.