Corn futures closed mixed after an early decline, with the September contract up 19.5 cents for the week at $4.64 1/4 and December holding steady at $4.87 1/2. The CmdtyView national average cash corn price increased by 0.25 cent to $4.34. On July 21, managed money added 49,518 contracts, bringing the net long position in corn futures and options to 92,909 contracts.
Export sales data revealed total corn commitments at 86.613 million metric tons (MMT), exceeding 100% of the USDA’s export projection and showing a 12.5% increase over last year’s new crop sales of 7.56 MMT. The NOAA 7-day QPF forecasts less than 0.5 inches of rainfall across most of the Corn Belt in the coming week, with isolated totals up to an inch in certain areas of Ohio and the Midwest.
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