Corn futures experienced losses on Friday, with September and December contracts closing down by 1.5 to 5 cents, marking a 23.5 cent decline over the week. The December contract remained up by 28 cents for the week, with the national average cash corn price dropping 6 cents to $4.10. Factors contributing to this decline include spillover weakness from wheat, recent rains, and month-end pressures.
In terms of trading activity, CFTC data revealed that managed money increased their net long position in corn futures and options by 75,490 contracts during the week of July 28, reaching a net long of 168,399 contracts as of Tuesday. Export sales data indicates that old crop corn sales totaled 86.975 million metric tons (MMT), exceeding the USDA’s numbers by 103% and indicating a strong shipment pace, with accumulated shipments at 76.373 MMT, representing 90% of the USDA’s export projection. For new crop corn, sales are marginally higher than the previous year at 8.624 MMT.
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