Corn prices showed an increase of 5 to 6 cents in Friday morning trading, following a decline of 3 to 4 cents the previous day. The CmdtyView national average cash corn price is currently $3.88 ½, with new crop corn at $3.79 ½, reflecting a decrease of 3 ¼ cents. Preliminary open interest dropped by 4,597 contracts on Thursday, influenced by pressure from the wheat market.
The USDA reported that net old crop corn export sales for the week ending July 10 were 97,600 metric tons, the lowest of the marketing year and below trade expectations ranging from 500,000 metric tons to 1.2 million metric tons. In contrast, new crop sales were reported at 565,900 metric tons during the shortened holiday week.
The upcoming weather forecast predicts wet conditions across the Dakotas and Iowa, extending to the Eastern Corn Belt, with above-normal temperatures expected in parts of the country for late July.
