Corn price action is showing 4 to 5 cent losses so far on Friday morning, reverting from recent strength to start the last trade day of the week. Futures closed the Thursday session with contracts holding onto 2 to 3 cent gains in the front months and deferred 2027 contracts fractionally lower. Open interest suggested new buying continuing to come in, up 16,521 contracts. The CmdtyView national average Cash Corn price was up 2 cents at $4.34 1/2.

Export Sales data from Thursday showed 332,679 MT of old crop corn business in the week of 7/16. That was slightly higher than the week prior buy nearly half of the same week last year. Mexico was the top buyer of 203,300 MT, with Taiwan in for 152,000 MT. New crop sales were improved to 701,505 MT. That was the 4th largest sale for new crop this marketing year but down 4.4% from the same week last year. Unknown destinations were the top buyers of 168,000 MT, with 148,100 MT sold to Colombia.

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NOAA’s 7-day forecast shows very limited precip across much of the country, with southwest NE, northern MO, and eastern KS seeing 1 to 2 inches and the rest remaining fairly dry.

Sep 26 Corn closed at $4.64, up 2 cents, currently down 5 cents

Dec 26 Corn closed at $4.87 1/2, up 2 3/4 cents, currently down 5 cents

Mar 27 Corn closed at $5.03, up 2 3/4 cents, currently down 4 3/4 cents

New Crop Cash was $4.38 1/2, up 2 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.

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